We are thrilled to announce that Advent International will be taking over as a majority shareholder of MANGOPAY. It is pretty exciting news and represents a major step in our journey to becoming a leading and global payments solution provider for marketplaces and platforms.
This partnership really validates our vision, as well as all the hard work and love we have put into our products and company. It will unlock so many growth opportunities for us but also accelerate innovation for the market and our clients!
When MANGOPAY first launched, back in 2013, marketplace models and the sharing economy were only just beginning: a generation of entrepreneurs emerged, venturing into unexplored fields and turning them into winning business models.
From day one, we created a solution to assist marketplaces in overcoming the technical, business and legal hurdles they faced.
Our goal has always been to empower them with robust payment technologies and a safe and secure payment environment that would enable them to grow.
We were one of the first to provide such a solution and have been accompanying some of our clients, thriving and innovative platforms like Vinted, Malt, Wallapop and Chrono24, since their early days, consistently bringing them innovation and personalized support to handle their complex payment flows.
To help accelerate their transition and diversification into a marketplace model, now established e-commerce platforms and retailers, such as Rue du commerce, Rakuten, Leboncoin, La Redoute, are also gradually turning to us and our expertise.
It is a rewarding feeling to be part of all these stories. Our belief that marketplaces and platforms would one day become the fastest growing segments in the e-commerce landscape was one of the reasons Crédit Mutuel Arkéa believed in MANGOPAY and became a majority stakeholder in 2015. Showing their commitment to the business, Arkéa will remain a shareholder for the next leg of our growth.
Since our creation in 2013, we have processed over 25 billion euros in gross pay-ins on behalf of our over 2,500 clients. Over the past four years, we have experienced exponential growth, +50% volume CAGR, with a projected volume of 13 billion euros in transactions in 2022. Today, we are Europe's leading marketplace payment solution expert, handling over 30 million merchants and sellers on behalf of our clients.
Tomorrow, with Advent by our side, we are on track to becoming a global category leader in this field!
One of Advent’s key focuses and areas of core expertise is the payments industry: they have invested over 4 billion dollars worldwide in eight payments companies, supporting over 40 add-on acquisitions made by these companies since 2008, making them the perfect partner to scale our vision. As part of their investment, Advent will bring 75 million euros of primary capital to drive MANGOPAY’s growth.
So, you may be wondering, what’s next? As it just so happens, quite a lot. Here’s a taste of what we have in store!
Our environment will be stronger than ever from pay-in to pay-out: through our unique virtual ledger, clients will enjoy even more flexibility and be able to connect their platforms seamlessly, no matter how advanced their business model and custom rules are.
We want to be a global player and help our customers scale their activity worldwide. To achieve that ambition, we will be rapidly improving our capacity to acquire and send funds globally via multiple networks, payment methods and currencies. We will also provide a whole new ecosystem of services based around MANGOPAY’s banking environment, like invoicing, accounting, FX, impact features and many more.
AI will be at the core of MANGOPAY’s architecture, taking our ability to track and monitor users and transactions in real time to the next level.
We will more than ever listen to our clients’ needs. Because they have a better understanding of what a game changer is in their growth journey, we will be accelerating our product releases based on the most “in-demand” features according to our clients.
We can already disclose that, starting this year, they will be able to onboard Chinese merchants smoothly and at scale, in compliance with KYB obligations.
We are trailblazers, ready to tackle the greatest challenges in our field to power the biggest platforms of today and tomorrow! Today, we are excited to be working on payment infrastructures to support the digitalization of B2B commerce and the rise of Web3 platforms. These are the types of platforms that will be reshaping exchanges in the coming decade, just watch this space!
MANGOPAY will be stepping up its international presence by opening a UK office, and extending to new markets in the European Union and the United States.
To assist us in these new challenges, the MANGOPAY family will be enlisting top tier talent in all departments, opening over 250 positions worldwide in the coming year. Half of these will be in engineering and product roles, tasked with helping MANGOPAY accelerate new features development.
And because we have always prided ourselves on our incredible customer service, we will, of course, be investing even more in this area, with sales reps, solution engineers and customer success managers joining our team of dedicated payment specialists.
We would like to extend a warm welcome to a new key person who will be arriving at MANGOPAY. With unmatched market expertise to further accelerate our business, Xavier Garambois, former VP of Amazon European E-commerce Business, will be joining as Executive Chairman.
In short, in this next chapter, we look forward to fuelling the entrepreneurial fire that led us to where we are today, and providing our clients with even faster and greater products and feature innovations than ever before.
You can read the full press release here.
The MANGOPAY team
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