Romain Mazeries, CEO of Mangopay, said in a press release on Wednesday (April 6) that having Advent as a growth partner will give Mangopay access to their “deep payment expertise and network,” which will help boost its development.
“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 that we will bring to market and to our existing clients,” Mazeries said.
Mangopay offers end-to-end payment solutions to marketplaces and platforms by leveraging a differentiated eWallet environment. Developer-friendly APIs enable marketplaces and platforms to accept consumer payments, onboard sellers and route funds on a global scale. The eWallet environment offers ﬂexibility that includes payments splits, use of escrow accounts and closed-loop payments.
“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 Arkéa. We are excited to partner with the management team and current shareholders to further accelerate the next leg of its growth journey towards a global category leader,” said Fabio Cali, director at Advent.
Mangopay anticipates it will process 13 billion euros ($14.1 billion) in transaction volume and handle more than 30 million sellers on behalf of its clients. The company serves the top European and global marketplaces, as well as the most innovative and high-potential scale-ups.
Founded in 2013 and headquartered in Paris, Mangopay uses white paper technology to enable its clients to accept consumer payments. Its API is used by over 2,500 companies, including Vinted, Chrono24, Leboncoin, Rakuten, Wallapop, Malt and more.
Advent International was founded in 1984 and has 15 oﬃces in 12 countries. It has invested in 390 private equity investments across 42 countries.