Paypal plugs $50m into London paytech PPRO

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 here.

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