PPRO scores $50m in funding after a year of strong growth

PPRO, a local payments platform-as-a-service, has closed a $50m funding round after witnessing an 85% increase in transaction volume.

The company’s funding burst came from Sprints Capital, with support coming from existing investors Citi Ventures and HPE Growth.

With the round closed, PPRO is eyeing the expansion of its organisation and strategic growth plans to support the international breadth of its platform.

PPRO has been growing throughout the year, having grown its team by 25% since the start of the year. These hires have mainly been in its product development offices in Germany, Singapore and Brazil.

These teams are helping PPRO to create integrations to popular payment methods in Europe, APAC and the Americas.

The payments company claims to have seen an 85% increase in transaction volume from last year, which has been helped by the drive in e-commerce through the Covid-19 pandemic. PPRO processes an annual run rate of $9bn.

Financial Technology Partners served as the exclusive financial advisor and Noerr acted as legal advisor to PPRO.

PPRO partners with payment service providers (PSPs) across the globe and local payment methods to improve the online payment experience. The platform enables enterprises to access local payment methods in more than 175 e-commerce markets.

PPRO CEO Simon Black said, “We enable our partners to globalise their payments offering at a faster speed and with a level of quality that wouldn’t be feasible to achieve in-house. Despite any challenges created by the pandemic, we’ve made great progress this year on our mission to turbocharge growth for our partners and their merchants. We’ve been able to make their expansion into new markets more lucrative.”

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