PPRO sells issuing business Crosscard
- 23.12.2019 12:11 pm
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.”