As part of the transaction, Advent has also taken a majority stake in Mangopay's parent company,the French charity crowdfunding platform, Leetchi.
The company’s investment alongside its payment expertise and network will help Mangopay increase its development. Global exchanges, innovative business models, and new consumer habits will bring more complexity and intermediaries to the payments landscape.
Mangopay provides end-to-end payments solutions using developer-friendly APIs to enable platforms and marketplaces to accept payments, onboard sellers, and hold and route funds across borders. In addition to its fintech clients it also counts a number of other tech firms such as Vinted, Chrono24, La Redoute, Wallapop, and Rakuten as customers. The company says it expects to process EUR 13 billion worth of transactions in 2022.
Since 2008, Advent has invested USD 6.5 billion in 17 payments and fintech companies, with its recent investments including payments providers Medius, Global Processing Services, and Planet. Company officilas stated they have identified Mangopay as an important player in payments for marketplaces and platforms, which is a strategic and attractive end market.
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