PPRO, a pivotal player in local payments, has successfully raised €85 million in a dual-tranche funding round. This infusion of capital will empower the platform to capitalise on growth opportunities in key markets and further bolster its vast array of payment methods locally and internationally.
The abundant funding originated from a consortium of both newbie and incumbent investors. Heavyweights like Eurazeo, HPE Growth, Sprints, PayPal Ventures, J.P. Morgan and Citi Ventures were among those who invested, with funds managed by BlackRock also contributing significantly.
In the wake of a highly lucrative 2023, Rahul Raswant, Chief Financial Officer of PPRO, remarked, "Our focus on helping customers access new markets by creating seamless local payment experiences is validated by the strong demand we're seeing, as well as by this infusion of capital which represents a real vote of confidence in PPRO's growth prospects."
Raswant attributed the company's record-breaking revenue last year to its relentless commitment to providing clients with streamlined and simple payment experiences, which has enabled its expansion into fresh, untapped markets.
PPRO's unique blend of trailblazing technology and solid financial performance was also lauded by Anne-Charlotte Philbert, who serves as the Managing Director of Growth at Eurazeo. Philbert said, "PPRO 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, anywhere in the world, using their preferred way to pay. The company combines distinctive technology, robust financial performance with an exceptional management team, and is firmly on track to reach profitability."
In a testament to PPRO's ongoing journey of growth and transformation, James Loftus, Managing Partner at PayPal Ventures, stated, "Since our first investment in 2018, PPRO has grown its market reach and prominence in the ever-evolving payments landscape. PayPal values our partnership with PPRO, and we are proud to be part of its journey."
Established within the fintech industry, PPRO allows businesses and banks to scale their local payment services through a single connection. PPRO has partnered with Stripe, PayPal, and J.P. Morgan to implement its digital payment solutions, thereby enabling these firms to boost their conversions and navigate the inherent complexities of local payments.
As PPRO continues to garner significant investments and accolades from both new and established players in the fintech sector, its trajectory toward further innovation and expansion appears promising. With a robust financial foundation, a focus on technological advancement, and strategic partnerships with industry leaders, PPRO is well-positioned to continue revolutionising the landscape of local payments on a global scale.
As the company progresses in its mission to facilitate seamless payment experiences for businesses and consumers worldwide, its recent funding round underscores investors' confidence in PPRO's vision and growth potential.