PPRO Sells Issuing Business Crosscard
LUXEMBOURG & ATLANTA--(BUSINESS WIRE)--Dec 20, 2019--
Leading local payments platform PPRO has sold its former issuing business unit, now called Crosscard S.A., to investors, in a transaction led by existing PPRO investor HPE Growth. Crosscard issues e-money accounts with integrated prepaid credit and debit Mastercard cards for consumers (under the brand name VIABUY) and businesses (under the brand names Crosscard and Fleetmoney).
With a staff of 50 across Luxembourg and Munich, Crosscard is set for high growth, led by an experienced management team under the leadership of cards industry veteran, CEO Kevin Murphy. Crosscard is licensed by Luxembourg’s regulator CSSF.
Crosscard was part of PPRO for seven years before both companies decided to separate and focus entirely on their respective business areas. Crosscard will bring their card issuing propositions to the next level by providing excellent customer experience for consumers and businesses across Europe.
“This decision is a huge step forward for Crosscard, and we are pleased to be able to direct 100% of our efforts on our issuing business in the future,” says Kevin Murphy, CEO of Crosscard. “We are focused on delivering market-leading products for consumers and corporate customers throughout Europe. We are investing strongly in our business capabilities and teams, and we look forward to supporting our customers and growing our business in the years to come.”
“We are keen to support Crosscard and have great trust in the company’s management team. Overall, we are very excited about Crosscard becoming a standalone investment in our portfolio to further unlock each of the company’s strengths,” says Frederic Huynen, Principal at HPE Growth. “The e-money market is a highly interesting growth market and we see lots of potential for Crosscard, both in their consumer and corporate propositions.”
Leading local payments platform PPRO removes the complexity of cross-border and domestic digital payments by acquiring, collecting and processing an extensive range of local payment methods for Payment Service Providers under one contract, through one platform and one single integration.
PPRO supports local payment methods across more than 100 countries, allowing Payment Service Providers to expand their merchants’ consumer reach, arrange hassle-free collection and achieve higher conversion rates. Currently, PPRO has integrations with around 160 PSP partners with approximately 200,000 merchants transacting daily on its platform.
Founded in 2006, PPRO is a global financial institute with an e-money license issued by the British regulatory body FCA. For more information, please visit www.ppro.com.
About HPE Growth:
Established in 2010, HPE Growth is a leading European investment firm focused on expansion/growth capital investments in technology companies throughout Northwestern Europe. HPE Growth invests in high-growth software, internet-enabled, mobile, fintech and healthtech businesses that have the option to further leverage their proven technology to become a global category leader.
By bringing in additional equity and active support, HPE Growth acts as a catalyst to expansion and enables portfolio companies, such as Kreditech, AEVI, Tiqets, Uberall, eGym, Crosscard, Zava, WeTransfer and PPRO, to execute on their vision of securing market leadership. For more information about HPE Growth, please visit: www.hpegrowth.com.
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KEYWORD: EUROPE LUXEMBOURG UNITED KINGDOM
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PUB: 12/20/2019 10:33 AM/DISC: 12/20/2019 10:33 AM