Credorax is one of the first technology companies in the world to have evolved into a licensed commercial bank specializing in merchant acquiring, as well as the first bank developed specifically for the eCommerce sector. This partnership means that PPRO’s variety of APMs will now be extended to the bank's merchants and payment service providers (PSPs).
“Offering consumers alternative payment methods have rapidly evolved from a 'nice-to-have' solution to an absolute expectation in today's e-commerce environment,” Nir Levy, head of product and professional services, said in a press release. “The partnership with PPRO further strengthens Credorax's strong belief in arming our merchants with every tool they need to succeed with their consumers. Any APMs our merchants need, we are ensuring together with PPRO, they can seamlessly provide to their customers.”
Credorax’s single integration acquiring platform offers a unified experience for merchants that includes reporting and reconciliation — a service that will now be available across PPRO’s wide infrastructure, which offers more than 140 alternative payment schemes throughout 175 countries.
Founded in 2006 and headquartered in London, PPRO is an eMoney institution regulated by the U.K.’s Financial Conduct Authority. The company also issues Visa and Mastercard consumer prepaid cards, under its own brand name VIABUY, as well as B2B prepaid cards, under its CROSSCARD and FLEETMONEY brands. In July, PayPal led a $50 million investment round in the company.
“Businesses embracing alternative payment methods will retain customers and win new ones,” said James Booth, PPRO’s vice president and head of new business. “Merchants who want to thrive need to accept APMs and the other popular methods of payment in their region. We look forward to offering merchants a larger variety of APMs through our partnership with Credorax.”