Private equity investment firm Advent International has acquired Mangopay, a European fintech that started life in Luxembourg.
The firm pledges to invest €75m of capital into the payments provider, which currently works with brands including Vinted, La Redoute and Rakuten.
The injection is expected to “fuel growth through international, vertical and product expansion”, Mangopay CEO Romain Mazeries said in a statement, adding: “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.”
Xavier Garambois, the former Amazon vice president, was also appointed Mangopay chairman to help lead the growth.
Mangopay was created as a European payment specialist by Cécile Lazorthes in Luxembourg 2013 with an office in Paris. Today it offers end-to-end payment solutions using APIs enabling platforms and marketplaces to process payments. It expects to process €13bn worth of transactions in 2022.
Mangopay was previously acquired by Crédit Mutuel Arkéa, which remains a minority stakeholder.
Advent, whose 390+ investments include the likes of McAfee, also takes a majority stake in Mangopay’s parent company, the crowdfunding platform Leetchi.
“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,” said Advent director Fabio Cali. “Over the last two years, we have been following the company and its strong developments under the ownership of Arkea.”
