June 14, 2019
PPRO Group, a London-based payments provider, announced the acquisition of Berlin-based Allpago, which says it is the largest payments provider in Latin America.
The acquisition follows a recent expansion of the company into Singapore and a $50 million investment 2018 in PPRO by PayPal and Citi Ventures.
"We have seen an increasing demand for the integration of Latin American (local payment methods) and this deal will provide our customers with access to local payments, worldwide through one contract and one integration," Simon Black, CEO at PPRO, said in the announcement.
Allpago in January announced that it had entered into Chile, which became the company’s fifth Latin American payments market. The company previously operated in Mexico, Brazil, Argentina and Columbia. The company also announced plans to expand its Latin American business to Peru.
Philipp Bock, founder and CEO of Allpago, will become a shareholder at PPRO under the agreement.
Terms of the acquisition were not disclosed.
Topics: Mobile Payments, Region: Americas
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