Paris-based provider of payment solutions to e-commerce sites, MANGOPAY has been acquired by US-based private equity investor Advent. The change of hands will see Advent injecting €75 million of primary capital. This investment is expected to accelerate the company’s growth. MANGOPAY will focus on international, vertical and product expansion.
The platform had earlier been acquired by French banking group Crédit Mutuel Arkéa, which will continue to hold a minority stake in MANGOPAY.
Founded in 2013, the French startup offers a payment solution dedicated to marketplaces and platforms. Its technology enables clients to accept consumer payments, onboard sellers, and route funds to them on a global scale. The e-wallet environment provides flexibility allowing for split payments, use of escrow accounts and closed-loop payments.
MANGOPAY has already developed a set of dedicated value-added services to address the needs of the rapidly growing B2B marketplace segment. Throwing light on how the acquisition will fuel the creation of a global category leader in the payment industry, Romain Mazeries, CEO, MANGOPAY said: “The new investment alongside their deep payment expertise and network will help us significantly accelerate our development. Tomorrow, global exchanges, innovative business models and new consumer habits will bring more complexity and intermediaries to the payments landscape. We are well-positioned to tackle these challenges.”
Fabio Cali, director, Advent, added: “We have identified MANGOPAY as one of the leading players in payments for marketplaces and platforms, which is a strategic and highly attractive end market. Over the last two years, we have been following the company and its strong developments under the ownership of Arkea. We are excited to further accelerate the next leg of its growth journey towards a global category leader.”
The platform currently serves some major European and global marketplaces including Vinted, Chrono24, La Redoute, Rakuten and Wallapop and expects to process €13 billion in transactions in 2022.
As part of the transaction, Advent will also take a majority stake in Leetchi, a donation based crowdfunding platform in France.