Eurazeo et al. in $180m round for $1bn-valued PPro

Katharine Hidalgo
20 January 2021

Tweet
Facebook
LinkedIn
Google plus
Send to

Growth and venture capital investors, including Eurazeo Growth, Sprints Capital and Wellington Management, have participated in a funding round worth more than $180m for payments firm PPro.

The round values the company at more than $1bn, according to a statement.

Eurazeo's latest growth fund, its third vehicle in the strategy, held an interim close on €155m in December 2019, while Sprints is currently investing from its debut fund, which closed on €150m in February 2018. Wellington Management is currently deploying Wellington Hadley Harbor III, which closed on $1.8bn in December 2020.

The funding will go towards PPro's continued global expansion and support the development of its payment technology and services.

Previous funding
In April 2014, HPE Growth Capital structured a round of growth capital funding for PPro.

PayPal led a $50m funding round for the company in July 2018. The round saw participation from HPE and Citi Ventures.

In December 2018, Northleaf Capital Partners invested an undisclosed amount in the business.

In August 2020, the company raised $50m from Sprints Capital as well as Citi Ventures and HPE.

Company
Founded in 2006, London-headquartered PPro is an infrastructure provider in the cross-border payments sector. It generated revenues of €36m and an EBITDA loss of €9m in 2019.

People
Eurazeo Growth – Nathalie Kornhoff-Brüls (managing director).
Sprints Capital – Voria Fattahi (partner).

Advisers
Company – Financial Technology Partners (corporate finance); Noerr (legal).