Payments startup PPRO has raised over US$180 million in new investment, elevating it to unicorn status with a valuation of more than US$1 billion. Its investors include Eurazeo Growth, Sprints Capital, and Wellington Management.
The latest funding comes just six months after the company raised US$50 million from Sprints Capital, Citi Ventures and HPE Growth.
The London-based fintech firm has seen rapid growth, especially last year. It doubled its year-on-year transaction volumes in the fourth quarter of 2020, expanded its global team by 60% in the last 12 months, and developed new strategic partnerships with local payment methods in high-growth markets like Indonesia and Singapore.
Its clients include payment service providers and platforms such as Citi, Elavon, Mastercard Payment Gateway Services, Mollie, PayPal, and Worldpay.
Comments PPRO chief executive officer Simon Black: “Beyond securing the support of such prestigious investors and achieving a milestone valuation, we’ve enabled our customers to grow at record numbers during what has been a tough time for many. By giving businesses the ability to offer payment choice, we’ve helped give people around the world better access to goods and services that improve their lives.”
“Our unique local payments infrastructure empowers our customers to quickly increase their global footprint. This investment will help us deliver the highest performance possible for companies leading the global payments industry,” he adds.
PPRO says its technology allows payment services providers and enterprises with payment platforms to plug in via simple APIs (application programming interfaces) and offload the intricate complexities and massive costs of providing payment method choice to local consumers.
The new funding will fuel its continued global expansion and support the development of its innovative border-free payment technology and services, the company adds.
Financial Technology Partners acted as exclusive financial adviser and Noerr as legal adviser to PPRO in the transaction.