Local payments platform-as-a-service firm PPRO raises US$50M
The story: PPRO, a local payments platform-as-a-service with operations in Singapore, has closed a US$50 million financing round.
Investors: Sprints Capital (lead), Citi Ventures and HPE Growth.
Plans with the capital: To scale the organisation and accelerate strategic growth plans for its global platform.
What is PPRO?
PPRO provides partners with the ability to accept locally preferred payment methods like e-wallets, bank transfers, cash, and local cards in more than 175 markets across the globe.
The company aims to remove the complexity of domestic and cross-border payments for top-tier financial institutions, payment service providers, and their merchants.
Other highlights:
- The firm reports today an 85 per cent increase in transaction volume from last year. Due in part to a massive digital shift in e-commerce consumer behaviour, PPRO is now processing an annual run rate of US$9 billion in payment transaction volume.
- PPRO has also grown the size of its team by 25 per cent since the beginning of the year. The majority of these new hires are positioned to strengthen PPRO’s three product development centres in Germany, Singapore and Brazil.
ShopBack goes to Vietnam, on-boards 150 merchants
The story: Leading rewards and discovery platform ShopBack will officially launch its website and mobile app in Vietnam on 8 August.
Online shoppers in Vietnam can earn up to 25 per cent cashback from over 150 merchants, including brands like Lazada, Shopee, Watsons, and Booking.com.
ShopBack Vietnam was launched in Beta at the end of 2019, and since then has acquired over 150 merchants and around 800,000 users. ShopBack Vietnam has seen consistent month-on-month growth of over 1.5x increase in sales and over 1.5x increase in orders this year.
What is ShopBack?
Founded in Singapore in 2014, ShopBack rewards its users with cashback across a wide range of categories, including general merchandise, travel bookings, fashion, health and beauty, groceries, and food delivery. It now serves over 20 million users in nine markets across Asia Pacific, including Malaysia, the Philippines, Indonesia, Taiwan, Thailand, Australia, South Korea, and Vietnam.
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