PPRO Group, a London, UK-based cross-border e-payment specialist, raised $50m in funding.
The round was led by PayPal with participation from Citi Ventures and return investor HPE Growth Capital. The investment is subject to regulatory approval and is expected to close in the third quarter of 2018.
The company intends to use the funds to accelerate the expansion of its payments platform and international presence of its alternative payments acquiring business.
Founded in 2006 and led by Simon Black, CEO, PPRO Group enables businesses to accept more than 140 alternative payments globally. The company supports international payment methods across 175 countries, allowing payment service providers (PSPs) to expand their merchants’ e-commerce reach, arrange collection and achieve higher conversion rates.
PPRO also issues Visa and Mastercard consumer prepaid cards, under its own brand name VIABUY, and enables B2B prepaid cards, under its CROSSCARD and FLEETMONEY brands, which can be issued both physically and as virtual cards or NFC devices (as stickers).
The company is an e-money institution regulated by the UK’s Financial Conduct Authority.