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Company is well positioned for the next growth phase; successor to be announced in due course
London, 10 May 2023 – PPRO, the leading digital payments infrastructure provider, announced today that CEO Simon Black will step down from his position on 31 December 2023, after leading the company for almost nine years. This announcement follows the completion of the integration of Alpha Fintech, acquired in March 2022; the reshaping of the management team; and the strengthening of the Board, commencing with the appointment of Lázaro Campos as Chairman a year ago.
Simon Black said,
“I’m incredibly proud of what we have achieved and I’m most excited about what lies ahead for PPRO. The company is better positioned than ever before, especially with the addition of an outstanding CTO, CFO and Chief Commercial Officer in the last 18 months. Over the next few months, we are launching a new single API, a global payment gateway and the first, frictionless, cross-border e-commerce solution for UPI in India. With the company so well positioned for the next growth phase, and after almost nine years at the helm, I have decided it is the right time for me to step aside and help transition to a new CEO.”
Simon Black joined PPRO as CEO in 2015, when it was a multifaceted FinTech startup, shortly after the company had received its first outside investment from HPE Growth. In its most recent equity funding round in 2020, the company achieved unicorn status with a valuation of $1 billion.
Tim van Delden, Managing Partner at HPE Growth, commented,
“Simon has transformed the business through a series of acquisitions and divestments, as well as fuelling organic growth to establish PPRO as the go-to partner within the payments industry for payments infrastructure and platform services. The business has grown from a team of around 50 to 500, from processing payments on one continent to four, and from less than $1 billion in annual payments volume to almost $20 billion.”
To facilitate the company’s transformation, Simon Black led a series of funding rounds totalling over $300 million and brought in strategic investors PayPal, Citi and JP Morgan, growth investors Eurazeo and Sprints, and crossover investors, including Wellington.
Lázaro Campos, Chairman at PPRO, added,
“Simon has a wealth of experience and expertise in the fast-paced payments landscape and has positioned PPRO with a strong foundation for the future, building an exceptional management team and a compelling market position. The board will now take the time needed to find the right successor and continue to build the business from strength to strength.”
Simon Black will work with the Board on a smooth leadership transition. The Board has commenced the search for the next CEO and an announcement will be made in due course.
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