Mangopay

Mangopay is a payments technology company focused on the infrastructure needs of online marketplaces, platforms and other businesses that manage payments between multiple parties. Its software is delivered primarily through application programming interfaces, allowing developers to embed payment functions into a platform's own user experience rather than relying on a conventional consumer-facing payment brand. The company’s modular approach enables clients to assemble payment flows from selected capabilities, including onboarding, fund collection, payouts, wallets, cross-border payments, foreign-exchange services and fraud controls. The business originated from Leetchi.com, a French online money-pooling service founded by Celine Lazorthes in Paris in 2009. Mangopay was launched in 2013 as a spin-off designed to commercialize the payment infrastructure developed for platform-based transactions. This origin shaped its specialization: instead of concentrating primarily on direct online checkout, Mangopay built tools for business models in which a platform may need to collect money from buyers, hold or allocate funds, pay sellers, handle refunds and meet regulatory obligations across multiple jurisdictions. In 2015, Mangopay and Leetchi.com were acquired by Crédit Mutuel Arkéa. The transaction provided the payment company with the backing of a major French banking group while it expanded its marketplace and platform proposition. Romain Mazeries became chief executive in 2018. During his tenure, Mangopay continued to develop its infrastructure offering for large digital platforms and marketplace businesses, with users including Vinted, Chrono24, Rakuten and La Redoute, according to the company’s Wikipedia profile. Advent International acquired Mangopay in April 2022 and supplied €75 million in primary capital. Under its new ownership, Mangopay pursued a broader platform strategy through acquisitions and new product development. In November 2022 it acquired Nethone, a Polish specialist in fraud prevention and cybercrime protection. In March 2023 it acquired WhenThen, a Dublin-based payments startup, adding further payments orchestration capabilities to its portfolio. These transactions supported the company’s effort to offer more of the technology stack required by marketplaces and platforms from a single provider. Regulatory authorization is central to Mangopay’s operating model. The company is licensed in the European Union and European Economic Area by Luxembourg’s Commission de Surveillance du Secteur Financier, and it operates in the United Kingdom under Financial Conduct Authority oversight. In November 2023, it became authorized as an Electronic Money Institution by the FCA. That authorization strengthened its ability to provide regulated payment and electronic-money services to customers in the UK. Mangopay has expanded beyond core payment acceptance and payouts into cross-border commerce and risk management. In November 2023 it announced a foreign-exchange product designed to support multi-currency pricing, local settlement and treasury management. In May 2024 it introduced a payment-processor-agnostic fraud-prevention solution intended to address account takeover, reseller fraud, payment fraud, chargebacks and returns abuse. In September 2024 the company appointed Sergi Herrero, formerly Meta’s global director for payments and commerce partnerships, as chief executive. Mangopay remains an active private fintech company serving digital marketplaces and platforms rather than a publicly listed consumer payments brand.

Mangopay’s roots lie in Leetchi.com, a French online money-pooling service founded in Paris by Celine Lazorthes in 2009. The payment infrastructure developed for Leetchi’s own platform needs became the basis for a separate business serving other digital platforms. Mangopay was launched in 2013 as that spin-off, with a focus on marketplace and platform payment flows rather than traditional single-merchant checkout. The company’s core proposition was to give platforms programmable tools for collecting money, managing funds and paying out multiple participants. Its API-based and modular architecture allowed customers to choose the components needed for their business model. This was particularly relevant to marketplaces, where a single transaction may involve a buyer, a seller, the platform operator, refunds, compliance checks and multiple currencies. In 2015, Mangopay and Leetchi.com were acquired by Crédit Mutuel Arkéa. The acquisition connected Mangopay with a banking group while the business continued to develop its technology offering for online marketplaces. Romain Mazeries became CEO in 2018. The company’s platform customer base included businesses such as Vinted, Chrono24, Rakuten and La Redoute. Advent International acquired Mangopay in April 2022 and invested €75 million of primary capital. The new ownership period was marked by an expansion of the product portfolio through acquisitions. In November 2022, Mangopay bought Nethone, a Polish anti-fraud specialist, bringing additional tools for identifying cybercrime and payment abuse. In March 2023, it acquired WhenThen, a Dublin payments startup, strengthening its ability to support payment orchestration and configurable payment experiences. Regulatory permissions have remained an important part of Mangopay’s business. The company is licensed in the European Union and European Economic Area by Luxembourg’s CSSF and is regulated in the United Kingdom by the FCA. In November 2023, it obtained FCA authorization as an Electronic Money Institution. The same month, Mangopay announced an FX product for multi-currency pricing, local settlement and treasury management, reflecting the international nature of many marketplace businesses. The company continued adding risk-management functionality in May 2024 with a payment-processor-agnostic Fraud Prevention product. The solution was positioned against several forms of platform abuse, including account takeover, reseller fraud, payment fraud, chargebacks and returns abuse. In July 2024, Mangopay was included in CNBC’s global top 250 fintech companies. In September 2024, former Meta payments and commerce partnerships executive Sergi Herrero was appointed CEO. Mangopay therefore entered its current phase as a privately owned, regulated fintech infrastructure provider focused on the complex payment, settlement, foreign-exchange and fraud needs of digital platforms.

• 2024

  New CEO appointed

  [1]Mangopayen.wikipedia.org

  Sergi Herrero became Mangopay’s chief executive.

• 2023

  WhenThen acquisition

  [1]Mangopayen.wikipedia.org

  Mangopay acquired Dublin-based payments startup WhenThen.

• 2023

  UK Electronic Money Institution authorization

  [1]Mangopayen.wikipedia.org

  The FCA authorized Mangopay as an Electronic Money Institution in the United Kingdom.

• 2022

  Advent International acquisition

  [1]Mangopayen.wikipedia.org

  Advent International acquired Mangopay and provided €75 million in primary capital.

• 2022

  Nethone acquisition

  [1]Mangopayen.wikipedia.org

  Mangopay acquired Nethone to add anti-fraud and cybercrime protection capabilities.

• 2018

  Romain Mazeries becomes CEO

  [1]Mangopayen.wikipedia.org

  Romain Mazeries was appointed chief executive of Mangopay.

• 2015

  Acquired by Crédit Mutuel Arkéa

  [1]Mangopayen.wikipedia.org

  Mangopay and Leetchi.com were acquired by French banking group Crédit Mutuel Arkéa.

• 2013

  Mangopay launched

  [1]Mangopayen.wikipedia.org

  Mangopay was established as a spin-off from Leetchi.com to provide payment infrastructure to other platforms and marketplaces.

• 2009

  Leetchi.com founded

  [1]Mangopayen.wikipedia.org

  Celine Lazorthes founded Leetchi.com in Paris, creating the business context from which Mangopay later emerged.

A regulated, API-first payment infrastructure provider for marketplaces and platforms that need modular control over collections, wallets, payouts, cross-border flows and fraud management.

• Payment infrastructure · 2013

  Marketplace payment APIs

  Mangopay provides APIs that let developers embed payment functionality into marketplaces and digital platforms. The infrastructure is modular, allowing customers to select components for collecting funds, managing platform payment flows and supporting payments between multiple parties. This model is designed for platforms whose payment requirements extend beyond a straightforward merchant checkout.

• Marketplace payments

  Wallets and payouts

  Mangopay’s platform infrastructure supports the handling of funds within marketplace and platform payment flows, including wallet-style fund management and payouts to sellers or other recipients. These capabilities are intended for business models that need to allocate money among participants while supporting refunds and other operational payment events.

• Foreign exchange · 2023

  FX

  Announced in November 2023, Mangopay’s FX product addresses cross-border platform commerce. It is designed to support multi-currency pricing, local settlements and treasury management, helping marketplaces present and settle transactions across currencies.

• Fraud prevention · 2024

  Fraud Prevention

  Introduced in May 2024, Mangopay’s Fraud Prevention solution is designed to work independently of the customer’s payment processor. It targets account takeover, reseller fraud, payment fraud, chargebacks and returns abuse, extending the company’s risk-management capabilities following its acquisition of Nethone.

• 2024

  Launch of Fraud Prevention solutionProduct launch

  Background

  Digital platforms face increasingly varied abuse patterns, including account takeover, payment fraud, reseller fraud, chargebacks and returns abuse.

  Action taken

  Mangopay launched a payment-processor-agnostic Fraud Prevention solution.

  Aftermath

  The product extended Mangopay’s risk-management offering and built on capabilities associated with the Nethone acquisition.

  Source

• 2023

  WhenThen acquisitionM&A

  Background

  Platforms increasingly require configurable payment orchestration and technology that can support different payment providers and flows.

  Action taken

  Mangopay acquired Dublin-based payments startup WhenThen for an undisclosed amount.

  Aftermath

  The deal expanded Mangopay’s payments technology portfolio.

  Source

• 2023

  Launch of FX productProduct launch

  Background

  International marketplaces need to price transactions in different currencies and manage settlement and treasury operations across borders.

  Action taken

  Mangopay announced an FX product supporting multi-currency pricing, local settlements and treasury management.

  Aftermath

  The launch broadened Mangopay’s proposition beyond core payment collection and payouts.

  Source

• 2022

  Advent International acquisition and capital investmentM&A

  Background

  Mangopay sought to expand its payment infrastructure business and product capabilities under new private-equity ownership.

  Action taken

  Advent International acquired the company and injected €75 million of primary capital.

  Aftermath

  Mangopay subsequently pursued acquisitions and broader product development, including Nethone and WhenThen.

  Primary capital invested. €75 million (April 2022)

  Source

• 2022

  Nethone acquisitionM&A

  Background

  Marketplace and platform payment providers face fraud and cybercrime risks that can affect authorization, chargebacks and user trust.

  Action taken

  Mangopay acquired Polish anti-fraud specialist Nethone for an undisclosed amount.

  Aftermath

  The acquisition added cybercrime and fraud-protection capabilities to Mangopay’s platform offering.

  Source

1. 1Mangopayen.wikipedia.org