Advent International acquires majority stake in MANGOPAY – Europe’s leading payment solution for platforms and marketplaces. The start-up allows clients to route funds and accepts onboard sellers and consumer payments worldwide.
MANGOPAY – the Paris-based payment solution provider for E-commerce websites – was acquired by Advent International – a global private equity firm.
Advent has injected approximately €75 million into the company, accelerating its growth. The French start-up will emphasize production, vertical and international expansion.
Before this, it was bought by Crédit Mutuel Arkéa, a collaborative and cooperative French banking group. Now, it holds a meager share in MANGOPAY.
Established in 2013, MANGOPAY provides payment solutions to platforms and marketplaces. Its technology allows clients to route funds and accepts onboard consumer and seller payments globally. E-wallets allow for closed-loop and split payments and usage of escrow.
The start-up has developed a series of value-added services as a way to solve the ever-growing requirements of the B2B marketplace.
Romain Mazeries, MANGOPAY’s CEO, 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.”
Advent’s director, Fabio Cali, 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.”
More about Advent’s plans
The platform serves some key global and European marketplaces, such as Vinted, La Redoute, Wallapop, Rakuten, and Chrono24, and aims to process about €13B transactions.
Advent will be taking majority stakes in Leetchi as well– which is a French crowdfunding platform.