Online payment services provider PayPal led a $50m funding round for UK-based cross-border payment technology developer PPRO Group on Monday
Citi Ventures, the strategic investment arm of financial services group Citi, and investment firm HPE Growth Capital also participated in the round. HPE had previously supplied an undisclosed amount of funding for PPRO in 2014.
Founded in 2006, PPRO offers a wide range of cross-border payment options sourced from various providers through a single, unified platform. It also issues prepaid debit cards and virtual cards to consumers and business customers.
PayPal made its investment after forging a commercial agreement with PPRO that will allow the latter to provide payment options for online consumers through its PayPal Checkout. PPRO will use the funding to scale its platform and expand internationally.
Simon Black, PPRO’s chief executive, said: “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.”