UK-headquartered e-payments firm PPRO Group has received $50m worth of PayPal investment.
The investment round also includes interest from Citi Ventures and return investor HPE Growth Capital.
PPRO hopes that the PayPal investment will help accelerate the expansion of its payments platform. In addition, it hopes this will aid the international presence of its alternative payments acquiring business.
“PPRO is a pioneer in providing value-added acquiring services for alternative payment methods and we are one of the fastest growing fintech businesses in Europe,” said Simon Black, CEO, PPRO Group.
“Adding support from PayPal and Citi Ventures alongside our existing investors will make it possible to bring the benefits of alternative payment method acceptance to even more businesses around the world.”
“A merchant’s choice of payments partner is increasingly being driven by the ever-expanding range of locally relevant payment methods available,” said Arnold Goldberg, vice president of merchant product and technology, PayPal.
“PayPal is pleased to support PPRO as the company continues to grow. We recently signed a commercial agreement with them to provide a wide range of payment options for our merchants, so consumers can shop seamlessly across borders through the new PayPal Checkout with Smart Payment Buttons, Braintree and all of our merchant products. This is yet another way we are positioning ourselves to be the one-stop solution for global digital commerce.”
“Technology is revolutionising how consumers and businesses make and accept payments, and PPRO is on the leading edge of meeting those needs,” said Luis Valdich, Managing Director, Citi Ventures. “Citi Ventures is delighted to invest in PPRO which enables businesses to collect funds from alternative payment schemes globally.”
Subject to regulatory approval, the investment should be cleared and closed in the third quarter of 2018.
Founded in 2006, PPRO specialises in cross-border e-payments and supports international payment methods across 150 countries. It also issues consumer prepaid cards.