PPRO, a US-based payment software provider backed by financial services firm Citi and digital payment processor PayPal, secured $180m yesterday at a valuation above $1bn.
Investment firm Eurazeo’s Growth fund was identified as an investor in the round together with growth equity firm Sprints Capital and investment manager Wellington Management. Financial Technology Partners was financial adviser on the deal and Noerr was legal adviser.
Founded in 2006, PPRO has built a cross-border payment platform that helps payment services providers expand internationally by allowing e-commerce shoppers to pay through their preferred method.
Simon Black, PPRO’s chief executive, said: “Beyond securing the support of such prestigious investors and achieving a milestone valuation, we have 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 have helped give people around the world better access to goods and services that improve their lives.”
HPE Growth Capital invested an undisclosed amount in the company in 2014 and returned for a $50m round led by PayPal and also backed by Citi’s venture capital arm, Citi Ventures, in July 2018.
Northleaf Capital Partners added an undisclosed sum five months later, before Sprints Capital led another $50m round for PPRO in August 2020 that also featured Citi Ventures and HPE Growth.
