UK-headquartered PPRO Group, a cross-border payments processor, has closed an investment round of $50m.
PayPal led the funding, with participation also coming from Citi Ventures, and existing backer HPE Growth Capital.
PPRO empowers businesses to accept over 140 alternative payment methods from across the world, through its partnership network of payment service providers and financial institutions. The company simplifies e-commerce payments by acquiring, collecting and processing a range of alternative methods for payment service providers and brings them under a single location.
Founded in 2006, the company also offers Visa and Mastercard consumer prepaid cards under its brand VIABUY – it also enables B2B prepaid cards through CROSSCARD and FLEETMONEY.
With this new line of funding, the company hopes to accelerate the expansion of its payments offering, as well as its international footprint.
PayPal vice president of merchant product and technology Arnold Goldberg said, ?A merchant choice of payments partner is increasingly being driven by the ever-expanding range of locally relevant payment methods available.
?We recently signed a commercial agreement with them to provide a wide range of payment options for our merchants, so consumers can shop seamlessly across borders through the new PayPal Checkout with Smart Payment Buttons, Braintree and all of our merchant products.p>
PayPal has been very active in the FinTech space as it looks to bolster its position in the payments industry, both online and offline. Its most notable deal of the year was a colossal $2.2bn acquisition deal for Nordic point-of-sale developer iZettle. The deal will boost its global use in the retail ecosystem, as well as an entry point to countries including Brazil, France, Norway and Spain, among others.
Last month, the company made another high-value acquisition, picking up global payout solution Hyperwallet for $400m in a cash deal.
Copyright ? 2018 FinTech Global