PPRO secures USD 50 million investment from Sprints and Citi

PPRO, the payments platform-as-a-service, has closed a USD 50 million financing round led by Sprints Capital with participation from existing investors Citi Ventures and HPE Growth.

PPRO partners with payment service providers (PSPs) around the world to serve millions of merchants, which can plug into PPRO’s platform and gain the ability to accept local payment methods in over 175 e-commerce markets through one API.

The company has seen an 85% increase in transaction volume from last year, processing an annual run rate of USD 9 billion in payment transaction volume. It has already grown the size of its team by 25% since the beginning of the year.

“We are excited about the opportunity our investment in PPRO brings. E-commerce is a complicated, dynamic growth area, and even the most sophisticated PSPs and merchants need companies like PPRO to help them overcome complexities on the infrastructure and enablement level,” said Voria Fattahi, Partner at Sprints Capital.

“We enable our partners to globalise their payments offering at a faster speed and with a level of quality that wouldn’t be feasible to achieve in-house. Despite any challenges created by the pandemic, we’ve made great progress this year,” said Simon Black, CEO of PPRO.

“We are delighted that Sprints Capital and Citi Ventures see the growth potential of our business and are passionate about helping build the payments infrastructure that drives growth in global markets,” adds Black. 

“We have invested in PPRO for the second time because we believe in the company’s strategy, and we’ve seen their power to deliver. With their local payment methods, PPRO fuels our consumer payments offering for institutional clients, Spring by Citi,” added Luis Valdich, Managing Director for Citi Ventures.