Advent International to acquire MANGOPAY, Europe’s leading payments solution provider for marketplaces and platforms
- MANGOPAY provides payments solutions enabling marketplaces and platforms to accept consumer payments, onboard sellers, and route funds to them on a global scale. It serves some of the leading European and global marketplaces – including Vinted, Chrono24, La Redoute, Rakuten and Wallapop
- In addition of the purchase price, Advent will invest €75M of primary capital to help create a global category leader and fuel growth through international, vertical and product expansion
- As part of the transaction, Advent will also take a majority stake in Leetchi, a leading donation-based crowdfunding platform in France
Paris, 6 April, 2022 – Advent International (“Advent”), one of the largest and most experienced global private equity investors, announced today that it has acquired MANGOPAY, a leading payments solution provider for marketplaces and platforms. Crédit Mutuel Arkéa (“Arkea”), the French banking group, will remain a minority shareholder in MANGOPAY.
MANGOPAY provides end-to-end payments solutions to marketplaces and platforms leveraging a differentiated e-wallet environment. Through developer-friendly APIs, marketplaces and platforms are able to accept consumer payments, onboard sellers, hold and route funds to them on a global scale. The e-wallet environment provides unique flexibility allowing for split payments, use of escrow accounts and closed-loop payments.
Today, MANGOPAY serves some of the leading European and global marketplaces including Vinted, Chrono24, La Redoute, Rakuten and Wallapop. It is one of the fastest-growing payments companies in Europe, with the business currently experiencing over 50% year-on-year growth and expected to process €13B in transactions in 2022.
Accelerating MANGOPAY’s growth
This operation reflects a major step in the creation of a global category leader in the payment industry. With enhanced investment capabilities and differentiated technology, MANGOPAY will be well positioned to capitalize on the shift of retailers and e-commerce platforms to a marketplace model. In addition, MANGOPAY has already developed a set of dedicated value added services to address the needs of the rapidly growing B2B marketplace segment.
To fuel this vision, Advent will inject €75M of primary capital. This investment will contribute to accelerate the company’s growth – focusing on international, vertical and product expansion – with the ambition to become one of the global payments provider powering the platform economy.
MANGOPAY is also announcing the arrival of Xavier Garambois who will be joining as Chairman and will leverage his expertise as former Amazon VP of the European Consumer Business to further accelerate the growth of MANGOPAY.
Romain Mazeries, CEO of MANGOPAY, comments: “We are thrilled to welcome Advent as the new shareholder and growth partner for MANGOPAY. Their 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. 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. We are also grateful to Arkea, who have been supportive shareholders since 2015.”
Fabio Cali, Director at Advent, comments: “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 partner with the management team and current shareholders to further accelerate the next leg of its growth journey towards a global category leader.”
As part of the transaction, Advent will also take a majority stake in Leetchi, a leading donation based crowdfunding platform in France. Over the last few years, Leetchi has grown to become the leading market player in France and is expanding rapidly in the charity fundraising segment.
Advent is one of the most experienced software and fintech industry investors in the world. Worldwide since 2008, Advent has invested $6.5 billion in 17 payments and fintech companies. Recent investments in the sector include Medius, a leading provider of cloud-based accounts payable automation, Global Processing Services, the leading global payment technology platform and Planet, a global provider of integrated digital payment services.
About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in 390 private equity investments across 42 countries, and as of September 30, 2021, had €75 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 255 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.
Founded in 2013, MANGOPAY is a leading payment solution provider dedicated to marketplaces and platforms. Thanks to its white label technology, MANGOPAY enables its clients to accept consumer payments, onboard sellers, and route funds to them on a global scale. Its API is used by over 2,500 companies including Vinted, Chrono24, Leboncoin, Rakuten, Wallapop, Malt and more. MANGOPAY is an electronic money institution licensed to provide services in the EU/EEA and has a team of 260 across Europe with headquarters in Paris.