We have advised Advent International on the acquisition of a majority stake in Mangopay, Europe’s leading payments solution provider for marketplaces and platforms, and Leetchi, the French leading donation-based crowdfunding platform, from Arkéa which is reinvesting in this transaction.
Founded in 2013, Mangopay provides end-to-end payment 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, and 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. It serves over 2,500 clients in 18 countries of which some of the leading European and global marketplaces including Vinted, Leboncoin, Chrono24, La Redoute, Malt, 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 €13bn in transactions in 2022.
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.
This transaction 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 capitalise 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 accelerating the company’s growth focusing on international, vertical and product expansion with the ambition to become one of the global payments providers powering the platform economy.
