You are currently viewing Advent acquires majority stake in Luxembourg-based MANGOPAY; will also invest €75M to fuel growth

Advent acquires majority stake in Luxembourg-based MANGOPAY; will also invest €75M to fuel growth

MANGOPAY, an online payment solutions provider for marketplaces and platforms, has announced that Advent International will take over as a majority shareholder of the Luxembourg-based company. US-based Advent International is a global private equity firm that invests in business and financial services.

French banking group, Crédit Mutuel Arkéa, will remain a minority shareholder in MANGOPAY.

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Besides being the majority shareholder, Advent will also invest €75M of primary capital to help MANGOPAY’s ambition to become a global category leader and fuel its growth through international, vertical and product expansion.

Romain Mazeries, CEO of MANGOPAY, says, “We are thrilled to welcome Advent as the new shareholder and growth partner for MANGOPAY. Their investment along with 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. We are also grateful to Arkéa, who have been supportive shareholders since 2015.”

Building payment technology for entrepreneurs

Founded in 2013 and currently led by CEO Romain Mazeries, MANGOPAY provides payment solutions enabling marketplaces and platforms to accept consumer payments, onboard sellers, and route funds to them on a global scale.

The company’s 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 people across Europe with headquarters in Paris.

Currently, MANGOPAY is expected to process €13B in transaction volume and handle more than 30 million sellers on behalf of its clients.

Accelerating MANGOPAY’s growth

The company says it will open over 250 positions worldwide in the coming months. Half of them will be engineering and product roles to accelerate new features development.

MANGOPAY will also expand its operations and recruitment in sales, solution engineer and customer success manager positions to new geographies such as the UK, the Nordic region, and Eastern Europe. It will also strengthen its presence in Germany and Southern Europe.

The company also announced the arrival of Xavier Garambois, former Amazon VP of European e-commerce business, who will join as Executive Chairman.

MANGOPAY, in a blog post, says, “Since our creation in 2013, we have processed over €25B in gross pay-ins on behalf of our over 2,500 clients. Over the past four years, we have experienced exponential growth, +50 per cent volume CAGR, with a projected volume of €13B 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!”

Advent International

Founded in 1984, Advent International claims to be one of the largest and most experienced global private equity investors. The firm has made 390 private equity investments across 42 countries, and, as of September 30, 2021, had €75B in assets under management. 

Fabio Cali, Director at Advent, says, “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.”

With 15 offices in 12 countries, Advent has established a global 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.

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