Catalyzes the removal of a penultimate prolyl residue from the N-termini of peptides, such as Arg-Pro-Pro (PubMed:11606206, PubMed:25905034). Has activity towards the flp-9 neuropeptide KPSFVRF-amide (PubMed:11606206). Release of any N-terminal amino acid, including proline, that is linked to proline, even from a dipeptide or tripeptide. Binds 2 Zn(2+) ions per subunit. Strongly inhibited by the metal ion chelators EDTA and 1,10-phenanthroline (PubMed:11606206). Also inhibited by apstatin (PubMed:11606206, PubMed:25905034). Activity towards bradykinin is inhibited by Mn(2+) and Zn(2+) at all concentrations tested, whereas Co(2+) is inhibitory at concentrations above 100 uM and activatory at 10 uM (PubMed:11606206). Optimum pH is 7-8. Homodimer (PubMed:25905034). May interact with pid-2, pid-4 and pid-5 (PubMed:33231880). Specifically expressed in the intestine. Expressed in intestine from larval stage L2 onwards. Not detected in embryos. Belongs to the peptidase M24B family.