• ITVI.USA
    16,030.520
    117.340
    0.7%
  • OTLT.USA
    2.809
    0.016
    0.6%
  • OTRI.USA
    22.220
    -0.080
    -0.4%
  • OTVI.USA
    16,016.550
    115.560
    0.7%
  • TSTOPVRPM.ATLPHL
    2.950
    -0.570
    -16.2%
  • TSTOPVRPM.CHIATL
    3.610
    0.650
    22%
  • TSTOPVRPM.DALLAX
    1.370
    -0.240
    -14.9%
  • TSTOPVRPM.LAXDAL
    3.550
    0.210
    6.3%
  • TSTOPVRPM.PHLCHI
    2.320
    0.220
    10.5%
  • TSTOPVRPM.LAXSEA
    4.110
    0.250
    6.5%
  • WAIT.USA
    126.000
    0.000
    0%
  • ITVI.USA
    16,030.520
    117.340
    0.7%
  • OTLT.USA
    2.809
    0.016
    0.6%
  • OTRI.USA
    22.220
    -0.080
    -0.4%
  • OTVI.USA
    16,016.550
    115.560
    0.7%
  • TSTOPVRPM.ATLPHL
    2.950
    -0.570
    -16.2%
  • TSTOPVRPM.CHIATL
    3.610
    0.650
    22%
  • TSTOPVRPM.DALLAX
    1.370
    -0.240
    -14.9%
  • TSTOPVRPM.LAXDAL
    3.550
    0.210
    6.3%
  • TSTOPVRPM.PHLCHI
    2.320
    0.220
    10.5%
  • TSTOPVRPM.LAXSEA
    4.110
    0.250
    6.5%
  • WAIT.USA
    126.000
    0.000
    0%
BusinessModern ShipperNewsTechnology

Payments technology firm PPRO raises $180M to reach unicorn status

London-based startup has seen more than 100% growth as e-commerce booms

The explosion of e-commerce and online buying has fueled a tsunami of issues for global companies that must ensure payments can be seamless and in the form and manner each locale prefers. That has fueled a push by payment providers to create more customized solutions.

PPRO’s technology is underpinning many of these solutions and investors are flocking to the company. The London-based startup has announced a $180 million investment round, which comes just six months after a $50 million round.

Sprints Capital participated in both rounds. Eurazeo Growth and Wellington Management joined Sprints in the latest round. Citi Ventures and HPE Growth helped fund the previous round.

The new investment values PPRO at over $1 billion.

“I am very proud of what the PPRO team has accomplished,” Simon Black, CEO of PPRO, said in a statement. “Beyond securing the support of such prestigious investors and achieving a milestone valuation, we’ve enabled our customers to grow at record numbers during what has been a tough time for many. By giving businesses the ability to offer payment choice, we’ve helped give people around the world better access to goods and services that improve their lives.”

PPRO’s API technology is being used by global payment providers including Citi, Elavon, Mastercard Payment Gateway Services, Mollie, PayPal and Worldpay. It enables businesses to accept payment based on preferred local payment methods. PPRO’s platform manages the entire funds flow and allows businesses to collect payments without the need to set up a local bank account.

“Our unique local payments infrastructure empowers our customers to quickly increase their global footprint. This investment will help us deliver the highest performance possible for companies leading the global payments industry,” Black added.

Financial Technology Partners was the financial adviser for the fundraise and Noerr served as legal counsel.

The need for advanced payment options, especially for e-commerce, has accelerated since the start of the COVID-19 pandemic. In the U.K., ATM withdrawals dropped 60% in 2020 and research firm McKinsey predicted that cash payments would drop up to five percentage points in 2020. By 2028, PPRO said just 9% of transactions will involve cash.

“We are delighted to support Simon and the team at PPRO as they continue to develop best-in-class local payment solutions,” commented Nathalie Kornhoff-Brüls, managing director at Eurazeo Growth. “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.”

PPRO, which said its transaction volumes doubled in 2020, said it will use the funds to expand into high-growth markets.

Click for more FreightWaves articles by Brian Straight.

You may also like:

The FreightWaves Top 10: Bankruptcies, capacity concerns, protests and Trevor Milton’s departure

Maximizing trailer utilization: Why is it so hard?

Looking back at the Year of the Truck Driver

Brian Straight, managing editor, Modern Shipper

Brian Straight leads FreightWaves' Modern Shipper brand as Managing Editor. A journalism graduate of the University of Rhode Island, he has covered everything from a presidential election, to professional sports and Little League baseball, and for more than 10 years has covered trucking and logistics. Before joining FreightWaves, he was previously responsible for the editorial quality and production of Fleet Owner magazine and fleetowner.com. Brian lives in Connecticut with his wife and two kids and spends his time coaching his son’s baseball team, golfing with his daughter, and pursuing his never-ending quest to become a professional bowler. You can reach him at bstraight@freightwaves.com.

We are glad you’re enjoying the content

Sign up for a free FreightWaves account today for unlimited access to all of our latest content

By signing in for the first time, I give consent for FreightWaves to send me event updates and news. I can unsubscribe from these emails at any time. For more information please see our Privacy Policy.