Local payments platform-as-a-service PPRO has hit the unicorn status, after a $180m funding round puts its valuation to more than $1bn.
Investors to the round include Eurazeo Growth, Sprints Capital and Wellington Management.
With the round closed, the company is looking to continue its global expansion and support the development of its border-free payment technology and services.
The funding comes after a strong year of growth for PPRO, which culminated in it doubling its year-on-year transaction volume in the fourth quarter of 2020. The company also expanded its team by 60% and build new strategic partnerships with local payment methods in Singapore and Indonesia.
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.
Eurazeo Growth managing director Nathalie Kornhoff-Brüls said, “All signs for the future indicate that digital commerce, and even more so cross-border commerce, will continue to grow exponentially while innovation in payment methods remains strong.
“As a result, facilitating local payments is becoming increasingly complex. Payment service providers, however, no longer have a choice as merchants and their customers are pushing for the adoption.”
This funding comes just months after PPRO closed a $50m investment from Sprints Capital, Citi Ventures and HPE Growth. The investment came after seeing an 85% rise in transaction volume.
PPRO works with local payment service providers and payment methods,
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