Learn how Mangopay's crowdfunding solution allows GiftRound to grow by providing its users with a safe and seamless payment experience.
GiftRound is an Edinburgh-based crowdfunding platform founded in 2018 by Craig Forsythe during his time on the RBS Entrepreneur Accelerator Programme, an initiative designed to support entrepreneurs and start-up businesses in Scotland.
GiftRound facilitates the creation of money pots for individuals and teams: over 800,000 colleagues, friends and family members across the UK use the platform to set up and contribute to group gifts.
The business model:
Setting up a collection and contributing to a money pot is free for users, as is the selection of an eGift card from selected outlets. The platform charges a 7.5% fee on totals collected when payouts are done via bank transfer.
Managing payment flows is at the core of GiftRound’s activities, which is why the company needed a strong payment infrastructure capable of processing complex flows and handling its users' funds. GiftRound chose Mangopay’s solution based on our native expertise in building and managing crowdfunding payment flows, and launched its platform in June 2018.
A full-stack payment infrastructure designed for crowdfunding platforms
Between 2021 and 2022, pay-in (payments into the Mangopay platform) increased by 40%. This continues their staggering development as they have grown by 134,473% since the platform first launched in 2018!
Mangopay’s e-wallet solution allows GiftRound to instantly create one wallet per user, or as many as needed, in which unlimited funds can be stored for as long as required before being paid out to the beneficiary, either via bank transfer or in the form of a gift card.
Digital certificates are used to verify all identities and transactions. This enables the platform to track the entire customer journey, ensure a seamless and transparent flow of funds, and mitigate risks of fraud.
GiftRound can deal with customer issues on a case by case basis or identify recurring issues with Mangopay’s dashboard that perfectly connects front and back end operations. This ability to monitor all operations lends legitimacy to GiftRound and reassures their users.
Since GiftRound’s launch in 2018, the platform has had to comply with PSD2 as a third-party intermediary: Mangopay’s experts made sure implementation was fast and smooth, resulting in a reduced number of failed contributions.
Mangopay’s compliance, finance, fraud, and technology experts also advise GiftRound’s team on the implementation of new functionalities or on growth in new markets based on local specificities.
GiftRound is constantly focused on improving their customer experience and expanding their offering. A recent success for the platform has been the launch of its partnership with Prezzee in the GiftRound Store. The GiftRound Store is structured as a marketplace for smaller retailers, with GiftRound receiving a commission for each sale - a new avenue for growth for the platform.
Their growth continues, as GiftRound collections will soon be coming to Ireland, and potentially even mainland Europe, with transactions in euro. Contributors will be able to pay-in via ApplePay and GooglePay too.
We’re proud to be part of success stories like this one and are committed to anticipating and meeting the needs of marketplaces and platforms of all sizes and types.
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