Local payments platform PPRO has completed a dual tranche funding round totalling 拢73 million to pursue growth in key markets.
Stripe, PayPal and J.P. Morgan are just some of the names that work with London-based PPRO to accelerate their roadmaps, boost their conversions, and eliminate the complexities of local payments.
The London firm is led by Motie Bring (pictured), who was appointed to the position in September 2023 mere months after joining as chief commercial officer.
Last month it added Eelco Dettingmeijer as CCO and Mariette Ferreira as chief marketing officer as it gears up for growth.
The funding is provided by new and existing investors, including Eurazeo, HPE Growth, Sprints, PayPal Ventures, J.P. Morgan, Citi Ventures, and funds managed by BlackRock.
In the last financial accounts published by the firm – the 12 months to 31st December 2022 – PPRO reported revenue of 拢56m and losses of 拢19.4m.
鈥淧PRO had a stellar 2023, delivering record revenue.鈥� said Rahul Raswant, CFO. 鈥淥ur focus on helping customers access new markets by creating seamless local payment experiences is validated by the strong demand we鈥檙e seeing, as well as by this infusion of capital which represents a real vote of confidence in PPRO鈥檚 growth prospects.鈥�
Anne-Charlotte Philbert, managing director 鈥� growth at Eurazeo, added: 鈥淧PRO has set itself apart as a leader in the payments industry and is at the forefront of enabling businesses to sell goods and services to anyone in the world using their preferred way to pay.
鈥淭he company combines distinctive technology, robust financial performance with an exceptional management team, and is firmly on track to reach profitability. We are more enthusiastic than ever to continue our support of PPRO鈥檚 mission to simplify access to local payment methods.鈥�
James Loftus, managing partner at PayPal Ventures, added: 鈥淪ince our first investment in 2018, PPRO has grown its market reach and prominence in the constantly evolving payments space.
鈥淧ayPal values our partnership with PPRO and we are proud to be part of its journey.鈥�