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PayPal Ventures-Backed PPRO Raises $93 Million for Local Payments Platform

funding

PPRO has raised 85 million euros ($93 million) to expand and enhance its local payments platform.

The company will use the new funding to grow in key markets and enhance its global network of local payment methods, PPRO said in a Wednesday (March 13) press release.

“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,” Rahul Raswant, chief financial officer at PPRO, said in the release.

The company delivered record revenue in 2023, Raswant added.

PPRO enables businesses and banks to scale their local payments services through one connection, according to the release. It helps these companies accelerate their roadmaps, boost conversions and simplify local payments.

The investors in PPRO’s dual tranche funding round included PayPal Ventures, Eurazeo, HPE Growth, Sprints, J.P. Morgan, Citi Ventures and funds managed by BlackRock, according to the press release.

“Since our first investment in 2018, PPRO has grown its market reach and prominence in the constantly evolving payments space,” James Loftus, managing partner at PayPal Ventures, said in the release.

Anne-Charlotte Philbert, managing director of growth at Eurazeo, said PPRO has “distinctive technology, robust financial performance and an exceptional management team.”

“PPRO has set itself apart as a leader in the payments industry and is at the forefront of enabling businesses to sell goods and services to anyone in the world using their preferred way to pay,” Philbert said.

PYMNTS Intelligence has found that payment method preference is consumers’ top priority when shopping online. That preference outranks other criteria like free shipping, data protection, rewards and saved payment information, according to “A Merchant’s Guide to Boosting Business with Local and Alternative Payment Methods,” a PYMNTS Intelligence and Spreedly collaboration.

It is essential for merchants to offer consumers the right mix of payment methods, Adrian Burgess, who was head of strategic growth at PPRO at the time and is now the company’s director of payment partnerships EMEA, told PYMNTS in an interview posted in February 2023. If they don’t, they’re likely to see potential customers abandon the checkout, he added.

“The global payments landscape continues to fragment,” Burgess said. “New payment methods and ever-evolving consumer expectations have made payment processing increasingly complex, and balancing consumer choice on the checkout page means the payments ecosystem is more challenging than ever for merchants to navigate.”