- PPRO Group receives USD $50m in its latest investment round
- PPRO’s platform makes alternative international money transfers possible for businesses
- The group is supported by Citi Ventures, PayPal and other investors
As the demand for affordable payment services for businesses continues to grow, a UK startup is working very hard to expand its alternative payment solutions and it is getting help from one of the world’s leading payment brands. Cross-border payment provider PPRO Group, a company based in the United Kingdom, announced that it has received a whopping USD $50m from its most recent investment round. The round, according to PPRO, was led by PayPal.
News of this funds infusion came after PayPal’s wave of acquisitions in May in an effort to expand its reach. According to both companies, PayPal and PPRO recently signed an agreement for the latter to provide alternative payment options for PayPal merchants. PayPal noted that this will enable consumers to purchase products from different countries through their checkout button. In a press release, PayPal said that it is pleased to offer its support to the UK company. Aside from the online payments company, Citi Ventures also participated in the investment round and HPE Growth Capital is said to have returned as one of PRRO’s investors.
PPRO offers over 140 alternative payment options worldwide, a service targeted at businesses that need to send or receive money on a regular basis. According to the company, additional payment methods and countries will be added to their list. Representatives from the UK company said the support of Citi Ventures, PayPal and other investors will make it possible for PPRO to provide its services to more businesses in the UK and abroad. PPRO raised USD $10.6m when it was established in 2006 and experts note that although the first investment round was minimal at best, PPRO is already making good money from its services.
Get more information about international money transfers and remittances here.
