E-commerce payments firm PPRO has completed a dual tranche funding round totalling €85 million.
The funding is provided by new and existing investors, including Eurazeo, HPE Growth, Sprints, PayPal Ventures, JPMorgan, Citi Ventures, and funds managed by BlackRock.
In the last financial accounts published by the firm - the 12 months to 31st December 2022 - PPRO reported revenue of £56m and losses of £19.4m.
“PPRO had a stellar 2023, delivering record revenue.” says CFO Rahul Raswant. “Our focus on helping customers access new markets by creating seamless local payment experiences is validated by the strong demand we’re seeing, as well as by this infusion of capital which represents a real vote of confidence in PPRO’s growth prospects.”
He says the firm will use the fresh capital to pursue growth in key markets and further enhance its global network of local payment methods.
James Loftus, managing partner, PayPal Ventures, says: “Since our first investment in 2018, PPRO has grown its market reach and prominence in the constantly evolving payments space,” commented . “PayPal values our partnership with PPRO and we are proud to be part of its journey.”