PPRO sells issuing business Crosscard
Local payments platform PPRO has sold its former issuing business unit, now called Crosscard, 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 businesses (under the brand names Crosscard and Fleetmoney) and consumers (under the brand name Viabuy).
Crosscard is licensed by Luxembourg’s regulator CSSF, and was part of PPRO for seven years before both companies decided to separate and focus entirely on their respective business areas.
“We are focused on delivering market-leading products for consumers and corporate customers throughout Europe” said Kevin Murphy, CEO of Crosscard. “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”.
“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” added Frederic Huynen, principal at HPE Growth.