Paypal plugs $50m into London paytech firm PPRO | City A.M.

London-based cross border e-payments tech firm PPRO today announced a $50m (£37.9m) investment round, led by Paypal.

Additional participation came from Citi Ventures, and existing investor HPE Growth Capital. The company has raised just over $10m since it was founded in 2006.

Already profitable with around 200 employees, PPRO hopes to use the funds to power further international expansion of its payments platform and alterative payments acquiring business, where it powers methods like bank transfers, e-wallets and cash-based payments on a merchant’s behalf.

The move marks another strategic investment for Paypal, after its recent acquisition of payments company Izettle in May just before the startup was due to go public.

Read more: PayPal in talks for $2.2bn takeover of iZettle

PPRO recently signed a commercial agreement with the tech giant to provide a range of payment options for merchants through its new Smart Payment buttons at the checkout stage of a transaction.

“A merchant’s choice of payments partner is increasingly being driven by the ever-expanding range of locally relevant payment methods available,” said Arnold Goldberg, vice president of merchant product and technology at Paypal.

“Paypal is pleased to support PPRO as the company continues to grow.”

The investment is expected to close in the third quarter of 2018, subject to the usual regulatory approval and closing conditions.

“Tech is revolutionising how consumers and businesses make and accept payments, and PPRO is on the leading edge of meeting those needs,” said Citi Ventures managing director Luis Valdich.