- PPRO, which offers payments technology services to e-commerce companies and providers around the world, has become a “unicorn” after managing to secure a funding round from various investors including Sprints Capital.
- The company is now valued at over a billion dollars following an injection of cash believed to be worth close to £130 million – and it said it would spend this on achieving the “highest performance possible”.
- The company, which was founded in 2006, counts firms such as Worldpay on its extensive customer list.
A financial technology firm specialising in online payments for e-commerce sites has announced that it has successfully reached a key milestone.
The firm said that it had managed to secure funding worth over £100 million from a whole host of providers.
This pushes its valuation to more than a billion dollars – giving it the “unicorn” status, which is much sought-after in the world of financial technology start-ups.
In total, the firm – which is based in London – has raised around £132 million from various investors.
Names on the list of backers include Sprints Capital and Eurazeo Growth.
Wellington Management is also represented.
It follows a previous fundraising round in which a smaller amount, of around £36 million, was raised.
Sprints Capital also featured in that round, although it was joined by different partners on that occasion – including HPE Growth and Citi Ventures.
A leading figure at the company said that he was “very proud” of the achievement.
Simon Black, who is the company’s chief executive officer, also pointed out that firm’s impact on people during the coronavirus pandemic.
“I am very proud of what the PPRO team has accomplished,” he said in a press statement.
“Beyond securing the support of such prestigious investors and achieving a milestone valuation, we’ve enabled our customers to grow at record numbers during what has been a tough time for many.”
He went on to outline the effects of his firm’s recent increase in “payment choice” options.
“By giving businesses the ability to offer payment choice, we’ve helped give people around the world better access to goods and services that improve their lives,” he explained.
“Our unique local payments infrastructure empowers our customers to quickly increase their global footprint.”
And he also hinted that the investment would be directed towards achieving the “highest performance possible”.
“This investment will help us deliver the highest performance possible for companies leading the global payments industry,” he said.
The firm is known for its unusual commitment to so-called border-free payment technology.
According to its website, its payment infrastructure system is local in nature while also offering the opportunity for online money transfers to be made around the world.
It was set up in 2006, and its past and present customers include Worldpay and Citi.
To learn more about what is happening in the cross border payments sector and what the different providers in the space are doing, just read some of the reviews in our reviews section here.
