PayPal and Citi Ventures participate in $50 million PPRO funding round
Tuesday, July 17, 2018
PPRO Group enables businesses to accept more than 140 alternative payments globally. The new funding will cement the 11-year old firm's position as an independent partner for PSPs, processing and collecting alternative payments through a single contract without competing for merchants.
Simon Black, CEO, PPRO Group says: “Adding support from PayPal and Citi Ventures alongside our existing investors will make it possible to bring the benefits of alternative payment method acceptance to even more businesses around the world.”
The company recently signed a deal with PayPal to provide merchant access to PayPal's new smart checkout buttons that dynamically present the most relevant payment methods for each customer in each geography, whether that be from Venmo or other local modes of payment such as such as bank transfers, e-wallets, and cash-based payments.
“A merchant’s choice of payments partner is increasingly being driven by the ever-expanding range of locally relevant payment methods available,” says Arnold Goldberg, vice president of merchant product and technology, PayPal. “This is yet another way we are positioning ourselves to be the one-stop solution for global digital commerce.”
Earlier this month, Paypal CEO Dan Schulman said the firm was ready to pump $3 billion a year into acquisitions. Over the past two months PayPal has engaged in a carefree shopping spree, striking a $2.2 billion deal to buy Sweden's iZettle, spending $400 million on Hyperwallet and $120 million on fraud prevention outfit Simility.
This latest investment is subject to regulatory approval and is expected to close in the third quarter of 2018.