Contributes to the degradation of bradykinin. Catalyzes the removal of a penultimate prolyl residue from the N-termini of peptides, such as Arg-Pro-Pro (By similarity). Release of any N-terminal amino acid, including proline, that is linked to proline, even from a dipeptide or tripeptide. Binds 2 manganese ions per subunit. Inhibited by inositol hexakisphosphate. Homodimer. Expressed in all tissues tested, including liver, adrenal decapsular tissue, adrenal capsular tissue, corpus luteum, testis, submandibular gland, thymus, brain, cerebellum and heart. Highest levels in testis. Belongs to the peptidase M24B family.