MANGOPAY Strengthens UK Client Base

Payment technology company MANGOPAY has bolstered its growth with four new client wins, strengthening its foothold in the UK market.

The new clients include personal savings app Plum, deposit insurance platform Insure Street, and property crowdfunding platform Simple Equity.

They join MANGOPAY’s existing client base of over 2,000 fast-growth, European start-ups across the marketplace, crowdfunding and sharing economy industries, including the likes of Depop, Vinted, Syndicate Room and The House Crowd.

Launched in 2013 by French entrepreneur Céline Lazorthes, MANGOPAY has more than doubled in size year-on-year since 2013, and last year processed £425m.

Crowdfunding platforms currently account for around 41% of MANGOPAY’s client base. However, with a strong pipeline of meetings already in place this year, the business expects significant further growth in this area as it targets revenues of €1bn for 2017.

Growth in MANGOPAY’s traction amongst crowdfunding businesses is predicted to align with the continued growth of the wider industry across Europe, particularly prevalent in the UK following the introduction of the Innovative Finance ISA in April, 2016.

A fifth of total volumes currently come from the UK, but this is expected to increase dramatically given London’s strength as a FinTech hub as MANGOPAY targets further growth in this area.

James Morton, UK & Netherlands Country Head at MANGOPAY, commented: “We’re thrilled to be working with these exciting, fast-growth start-ups to help facilitate their payment needs as they look to implement the right partnerships to scale up their businesses.

“As a growing company ourselves, the mutual relationship we have with our clients can have many benefits. Gaining access to their insights and the needs of their customers helps us continue to innovate and evolve our technology with the aim of solving business-critical issues for start-ups.”

Victor Trokoudes, CEO, Plum, commented: “MANGOPAY’s e-wallet technology is perfectly adapted to our systems, making payments efficient and frictionless. But our partnership goes beyond the technology. MANGOPAY is true partner to a fast growing startup. I have worked with various partners in my previous life as well at Transferwise and the experience with MangoPay has been exceptional!”

Atuksha Poonwassie, co-founder of Simple Equity, added: “Our property crowdfunding platform is at the forefront of a developing crowd equity marketplace. We’re seeing a real increase in platforms which cater to specific and often vertical-driven requirements, something that we are very excited to see.

As these specialist platforms flourish, it is companies like MANGOPAY that create a smoother path to success by understanding our business and allowing us to escrow funds for as long as required – which is key to our business.”

MANGOPAY is the only complete payment technology solution for marketplaces thanks to its E-Money Issuer license, which enables businesses to accept payments, hold the funds in escrow and pay out with ease, speed and efficiency.