MANGOPAY to become leading global payment solution for marketplaces
MANGOPAY, a payment solution dedicated to marketplaces, has announced a new majority shareholder in Advent International, a private equity firm with extensive experience in growing startups in fintech and B2B software companies. Advent international will invest €75 million in primary capital to boost growth.
MANGOPAY provides end-to-end payment solutions to marketplaces and platforms with many buyers and sellers, leveraging a unique e-wallet technology environment. Through its developer-friendly APIs, its clients are able to onboard sellers, accept consumer payments, and hold and route funds to them globally. The e-wallet environment provides unique flexibility allowing for split payments, use of escrow accounts and closed-loop payments.
Today, MANGOPAY serves some of the leading European and global marketplaces, including Vinted, Chrono24, Leboncoin, Rakuten, Wallapop, Malt and more, as well as the most innovative and high potential scale-ups. It is one of the fastest-growing payment companies in Europe and is expected to process €13B in transaction volume in 2022.
New goals and ambitions for MANGOPAY
The new partnership between MANGOPAY and Advent International is expected to accelerate a reinforced ambition of providing more innovative solutions to its clients. The investment will speed up the company’s growth – focusing on international expansion (UK, US, and LATAM), new business verticals, and product development – with the ambition of becoming one of the key global online payment solutions powering the platform economy.
“Tomorrow, global exchanges, innovative business models and new consumer habits will bring more complexity and intermediaries to the payments landscape. MANGOPAY is well positioned to tackle these challenges and I’m very excited about the innovation we will bring to the market and to our existing clients.” said Romain Mazeries, CEO of MANGOPAY.
MANGOPAY will bring new cutting-edge solutions to tackle complex payment flows that will power the new generation of marketplaces and platforms.
MANGOPAY intends to provide fully-fledged payment services for clients, including invoice processing, accounting, FX, and impact features among others. To fuel these high tech innovations, MANGOPAY plans to recruit some of the brightest minds in the digital payment landscape. In the next few months, MANGOPAY will hire 250 new personnel, half of those in technology roles. Additionally, MANGOPAY will strengthen its customer success, support, and sales teams with the aim of maintaining high client satisfaction.
If you would like to learn more about MANGOPAY’s vision and future plans head over to thecompany’s blog.
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