PPRO announced this week that it has raised $180 million in new funding. The fresh capital comes with a valuation of more than $1 billion, making PPRO the latest financial technology company to reach unicorn status.
PPRO provides infrastructure for cross-border payments, allowing online shoppers to pay with their preferred local payment methods. It offers APIs that payment providers and other companies can use to add local payment methods to their platforms.
According to a press release, the company’s latest fundraise comes six months after the last one, in which it raised $50 million. PPRO raised this latest round of funding from investors Eurazeo Growth, Sprints Capital, and Wellington Management.
“I am very proud of what the PPRO team has accomplished,” Simon Black, CEO of PPRO, said in the announcement.
“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 experienced significant growth during 2020, doubling fourth quarter transaction volume year-over-year and expanding its staff by 60% over the last 12 months, it said.
“We are delighted to support Simon and the team at PPRO as they continue to develop best-in-class local payment solutions,” Nathalie Kornhoff-Brüls, Managing Director at Eurazeo Growth, said.
“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.”