With 2015 winding down and much of the financial industry scaling down their operations for the holiday season, deals during this time of the year tend to dry up. Bucking that trend and announcing the closing of a funding round is payment firm, The PayPro.
Announcing their funding, UK and Spain based The PayPro closed a €310,000 round that was led by IDODI Venture Capital, Lanta Capital and other participants. The funding comes as The PayPro is currently in their pre-launch stage, with plans to go fully public with their offering in the beginning of 2016.
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Founded by CEO Pablo Ruiz and CFO Gabriel Llambias, The PayPro is developing a currency exchange platform for small businesses and individuals to issue multi-currency payment transfers with lower exchange fees. To initiate transactions, The PayPro customers send funds in their currency of choice to their The PayPro account. The PayPro then converts the funds to the currency needed to complete the transaction using mid-market prices for the exchange. The funds are then sent to the customer’s desired destination to complete the transaction.
Upon going live, the platform will be available to execute transactions throughout EU countries, Iceland, Liechtenstein and Norway. According to The PayPro, the platform will support exchanges in over 30 currencies, including most major and minor currencies throughout Europe