Last Monday, PPRO, a cross-border electronic payments tech firm that is based in London, announced a $50 million (£37.9 million) investment round that was led by Paypal.
Further participation also came from Citi Ventures, and HPE Growth Capital, an existing investor. The firm was able to raise just more than $10 million ever since it was first established in 2006. PPRO failed to disclosed its valuation however, during an interview, the chief executive officer of the compamy, Simon Black, said that it is definitely up on its previous funding and described it as a “minority investment” in the firm.
PPRO already considers itself to be profitable with approximately 200 employees. It is hoping to use the new funds to power the further international expansion of its payments platform and alternative payments acquiring business, where the company powers methods such as e-wallets, bank transfers, cash-based payments on the behalf of a merchant.
The said move signifies another strategic investment for Paypal, following the recent acquisition of the company of Izettle, a payments firm last May just before the startup was set to go public.
Recently, PPRO signed a commercial agreement with the tech titan to offer a range of payment options for merchants via its new Smart Payment buttons at the checkout stage of a transaction.
The vice president of merchant product and technology at Paypal, Arnold Goldberg, stated: “A merchant’s choice of payments partner is increasingly being driven by the ever-expanding range of locally relevant payment methods available.”
He added: “Paypal is pleased to support PPRO as the company continues to grow.”
The said investment is anticipated to be closed in the third quarter of this year, subject to the customary regulatory approval and closing conditions.
Luis Valdich, the Citi Ventures managing director, stated: “Tech is revolutionising how consumers and businesses make and accept payments, and PPRO is on the leading edge of meeting those needs.”