PPRO sells issuing business Crosscard

PPRO sells issuing business Crosscard
23.12.2019 12:11 pm

PPRO sells issuing business Crosscard


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.”

Related News

Banking Circle secures five finalist places at 2020 Emerging Payments Awards

Banking Circle, the financial infrastructure provider to Payments businesses and Banks has secured 5 finalist slots in the 2020 Emerging Payments Awards.... Read more »

Starling, TranSwap and Remitr among first wave to sign up to Currencycloud Spark

New solution provides global multi-currency accounts to Fintechs and FIs

Read more »

Tinkoff launches charitable scheme ‘Cashback to Give Back’

Tinkoff is happy to announce the launch of its new charitable scheme Cashback to Give Back. The aim of the project is to help get... Read more »

PPRO announces 85% volume growth despite pandemic, accelerates plans with new investment from Sprints and Citi

PPRO, the world’s leading local payments platform-as-a-service, reports today an 85% increase in transaction volume from last year, highlighting the... Read more »

Absa ARO Completes Fully Virtual Implementation as It Moves to Fiserv for Card Management and Processing Across Nine African Nations

Fiserv, Inc. (NASDAQ: FISV) a leading global provider of payments and financial services technology, today announced that... Read more »

Mastercard rolls out new business intelligence platform for European banks

Mastercard today announced the launch of Market Trends, an interactive platform providing a comprehensive view of payments insights, competitive intelligence... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel