PayPal leads $50m investment in London paytech company PPRO
PPRO Group, a UK based cross-border e-payment specialist, has announced a $50 million USD investment round led by PayPal with participation from Citi Ventures and return investor HPE Growth Capital. PPRO enables businesses to accept more than 140 alternative payments globally, partnering exclusively with leading payment service providers and financial institutions. Through this investment, PPRO plans to accelerate the expansion of its payments platform and 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. 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.
– Simon Black, CEO, PPRO Group
Credit cards are used for payment in less than 20% of worldwide ecommerce transactions. In many markets consumers instead choose locally preferred alternative payment methods such as bank transfers, e-wallets and cash-based payments. For online merchants, offering the right mix of payment options is critical as it leads to higher conversion rates for cross-border transactions. PPRO says it continues to be uniquely positioned as an independent partner for PSPs, processing and collecting alternative payments through a single contract without competing for merchants.
A merchant’s choice of payments partner is increasingly being driven by the ever-expanding range of locally relevant payment methods available. 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.
– Arnold Goldberg, vice president of merchant product and technology, PayPal