Payments infrastructure provider PPRO announced that its CEO Simon Black will step down from his position on 31 December 2023, after leading the company for almost nine years.
Simon will continue to work with the board for a smooth transition. The board has commenced the search for the next CEO and said that the announcement will be made in due course.
This announcement follows the completion of the integration of Alpha Fintech acquired in March 2022, the reshaping of PPRO’s management team, and the strengthening of its board which commenced with the appointment of Lázaro Campos as Chairman a year ago.
PPRO has grown from a team of around 50 to 500, from processing payments on one continent to four, and from less than US$1 billion in annual payments volume to almost US$20 billion.
In its most recent equity funding round in 2020, PPRO achieved unicorn status with a valuation of US$1 billion.
Simon has led a series of funding rounds totaling over US$300 million and brought in strategic investors PayPal, Citi and JP Morgan, growth investors Eurazeo and Sprints, and crossover investors, including Wellington.
Simon 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.”
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.”
