Investment Platform Caption Selects Mangopay to Optimize Investor Journeys and Scale Their Business to the Next Level

WHY THIS MATTERS:
Private markets are undergoing structural change. As retail and semi-professional investors gain greater access to private equity and private debt, platforms must balance two traditionally competing forces: speed and compliance. Unlike public markets, private investments involve multi-party flows, escrow mechanics, staged deployments, and strict regulatory oversight — all of which make payment infrastructure a strategic layer, not just a back-office utility.

Caption’s decision to adopt Mangopay’s wallet-first infrastructure reflects a broader trend toward embedded finance within investment platforms. By decoupling pay-ins and payouts and supporting multi-party payment orchestration, the infrastructure enables more flexible product design and faster settlement cycles. That matters as alternative investment platforms diversify into B2B distribution models and regulated infrastructure services.

As private market distribution expands beyond traditional asset managers into curated marketplaces and professional networks, scalable payment architecture becomes critical. Platforms that can manage complex investment flows, KYC requirements, and regulatory constraints within a single framework will be better positioned to scale without operational bottlenecks.

Caption, the France-based regulated investment infrastructure, has chosen Mangopay to power payment flows for both its own investor base and professional distributors, bringing private market products to their clients.

Mangopay provides Caption with a wallet-first payment infrastructure, including pay-ins, instant payouts, and KYC services, supporting the management of complex investment flows.

Optimized investment workflows

As Caption’s volumes increased and its business models diversified, the company identified Mangopay as a good fit to support their investment workflows, adapt quickly to new product structures, and integrate within the operational requirements of their business model. Mangopay was first selected for its flexible payment system that decouples pay-in and payout flows, allowing Caption to choose when to deploy pay-ins and payouts, and to evolve toward an end-to-end flow on its own terms.

Mangopay also supported Caption as it explored a new investment type to bring to market. Together, the two teams defined the payment processing flow and applicable fee configuration within Mangopay’s service framework that allowed Caption to assess the product’s commercial viability under real market conditions. The new product proved sustainable and was successfully validated, giving Caption the trust to move forward with a long-term offering.

Meeting the needs of a growing capital markets ecosystem

Caption enables companies to raise funds through equity and bond instruments, positioning itself as a premium investment platform focused on curated opportunities (profitable SMEs, growing franchises, collectible assets) and high-ticket investments. In addition to operating its own investment marketplace, the platform has expanded into B2B with Caption Services, acting as a regulated infrastructure for asset managers, wealth advisors, and other professionals distributing investment products.

Mangopay’s infrastructure enables Caption to serve an entire ecosystem of capital markets participants, from investors to asset managers and distributors, within a single, compliant payment framework. Caption has already reached a significant scale, with over EUR 110 million raised through curated club deals and private equity and debt financings, supporting 25 to 30 companies each year, reflecting the maturity of the platform Mangopay now supports.

“Speed and compliance are critical in private markets. We needed payment infrastructure that could deliver both,” said Quentin Lechémia, Chairman and Co-founder of Caption. “Mangopay reduced our investor onboarding and transaction settlement times while handling the complexity of multi-party flows. Whether serving our own investor base or enabling professional distributors, we can now offer faster execution without compromising on the regulatory standards our PSI license demands.“

“We’re excited to apply our multi-party payment infrastructure to investment models that require a high degree of operational flexibility. Caption stands out not only for its regulated PSI status, but also for the quality of the investment assets it brings to market, assets that are rarely available elsewhere. We see strong long-term potential in their business model and look forward to supporting its continued growth,” added Mark Fleming, CCO at Mangopay.

As the investment industry evolves toward more diversified distribution models and a broader ecosystem of participants, these platforms need payment infrastructures that can handle complex fund movements, regulatory requirements, and continuous product innovation. Mangopay supports this move by providing a payment infrastructure built to support complex platform ecosystems.

FF NEWS TAKE:
This is less about payments and more about platform maturity.

Caption’s evolution from marketplace operator to regulated infrastructure provider means its payment stack had to grow up fast. Mangopay’s wallet-first model gives Caption the operational control needed to manage multi-party capital flows while maintaining PSI-level compliance.

The bigger signal? Private markets are becoming increasingly platformised. As club deals, SME equity, and private debt move into tech-enabled distribution channels, payment orchestration is becoming a competitive differentiator.

Watch for more investment platforms treating payment infrastructure as core strategic IP — not just plumbing — particularly as private markets edge closer to mainstream investor participation.