Fintech’s latest unicorn: Who is PPRO?
Founded in 2006 and based in London, UK, PPRO is dedicated to facilitating consumers’ preferred local payment methods via an integrated platform.
The company has also become a noticeably attractive prospect for investors; approximately six months ago in August 2020, it announced the closure of a $50m funding round. Both instances featured as a named investor.
Integrating payments on a single platform
Flexible, scaleable and engineered in-house to meet the company’s high quality standards, its solutions are backed up by a 24/7 TechOps team and suite of dedicated services that perform the “heavy lifting” for the client. The full list of its capabilities includes:
- Reconciliation and reporting
- Actionable advice
Achieving milestones and customer growth
In another display of fintech prospering even under the duress of COVID-19, PPRO’s Q4 transaction volume in 2020 represented a 100% year-on-year increase. It also managed to grow its global team by 60% over 12 months and expand into new territories, such as Singapore and Indonesia. The $180m fund injection will fuel the continuation of this work.
Simon Black, CEO, commented: “I am very proud of what the PPRO team has accomplished. Beyond securing the support of such prestigious investors and achieving a milestone valuation, we’ve enabled our customers to grow at record numbers during what has been a tough time for many.
“Our unique local payments infrastructure empowers our customers to quickly increase their global footprint. This investment will help us deliver the highest performance possible for companies leading the global payments industry.”
Image source: PPRO
Tink partners with Novalnet AG for open banking payments
The Munich-based fintech Novalnet AG, which was founded in 2007 and is one of Europe’s leadingfintech companies, has announced a new partnership with Tink, the Swedish open banking platform currently connected to more than 3,400 European banks.
Novalnet AG delivers payment solutions and fully automated services, from checkout to debt collection. Its solutions are also available worldwide.
According to reports, the fintech company plans to launch a real-time payments feature for merchants across Europe, to expand its current services and enhance the transaction experience it operates through its platform.
The new feature, says Novalnet, will revolutionise payments for ecommerce with transactions being credited to merchant’s accounts almost instantly.
Novalnet partnership with Tink
By partnering with Tink for payment initiation services (PIS) technology, Novalnet will take previous region-specific payment methods and offer a new unified digital payments service to its merchants across Europe.
The fintech’s real-time merchant payments feature, which will be launched initially in Germany and the United Kingdom, will then be integrated across other European markets during 2021.
Speaking about the new collaboration, Emmanuel Kirse, COO of Novalnet, explained, "We expect great things from our strategic partnership with Tink, which is a significant development for both parties.
“With Tink, Novalnet can offer a new set of open banking-related solutions in Europe. The new opportunities offered by this partnership will help both Tink and Novalnet grow together, along with our merchants."
Cyrosch Kalateh, Regional Director for the DACH region at Tink said, “Our partnership with Novalnet is a big step for Tink in the German market, and we are excited to work together to bring new, innovative payments services to merchants across Europe.”
He added, “At the end of 2020 Tink committed to expanding its payment initiation services from five to 10 markets, fuelled by an €85mn investment round. We are proud to add Germany to this list by announcing we have now fully launched Tink’s PIS services in this market.”
Image credit: Novalnet AG