Introduction Worldwide acquires European paytech Mangopay, invests €75m

Non-public fairness investor Introduction Worldwide has acquired Mangopay, a fee options supplier for marketplaces and platforms, for an undisclosed sum.

Introduction Worldwide acquires Mangopay

French banking group Crédit Mutuel Arkéa will stay a minority shareholder within the agency.

As a part of the transaction, Introduction may also take a majority stake in Mangopay’s guardian firm Leetchi, a donation-based crowdfunding platform based mostly in France.

Along with the acquisition worth, Introduction may also be investing €75 million of main capital into Mangopay to facilitate its development by way of worldwide growth and product growth.

Former Amazon VP of European client enterprise Xavier Garambois has additionally joined Mangopay as chairman to assist speed up the expansion of the paytech agency.

Mangopay gives end-to-end funds options to marketplaces and platforms. It presently serves European and international marketplaces together with Vinted, La Redoute and Rakuten.

It claims to be one of many “quickest rising funds firms in Europe”. The enterprise is presently experiencing 50% year-on-year development and expects to course of €13 billion in transactions in 2022.

Romain Mazeries, CEO of Mangopay, says: “Introduction’s funding alongside their deep fee experience and community will assist us considerably speed up our growth.”

Introduction has invested $6.5 billion in 17 funds and fintech firms since 2008. Current investments embrace Medius, a supplier of cloud-based accounts payable automation; World Processing Companies, a world fee know-how platform; and Planet, a world supplier of built-in digital fee companies.

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