Covento is dedicated to parts for the renewable energy sector, being a B2B marketplace that connects buyers and sellers of parts and services across varied renewable energy technologies. Per the press release, the extended partnership builds on the companies’ collaboration beginning in 2021 and is set to have Mangopay manage all payment flows simplifying the procurement process for renewable products and providing a payment experience similar to that of B2C ecommerce sites.
The press release details that the renewable energy market is increasing significantly, with a valuation of USD 1.1 trillion in 2022 and a projected compound annual growth rate (CAGR) of 16.39% from 2023 to 2030. Launched in an initial stage in France, Denmark, Germany, and the Netherlands, Covento activates within this industry, providing an extensive range of 40,000 renewable spare parts. The company aims to change the fragmented renewable aftermarket into and simplified and connected digital journey by offering an end-to-end solution for supplier consolidation and to help simplify the procurement process that is traditionally burdensome and costly.
Marketplaces of the likes of Covento are thought of as being pivotal in the transparent and efficient purchase of renewable energy materials, and the adoption rate of global B2B marketplaces has increased 8.6 times from 2015 onwards, having a combined enterprise value of USD 214 billion. Whereas marketplaces provide businesses with opportunities to innovate their buying and selling experience and reach new audiences, customers are looking for a hassle-free purchasing journey that imitates traditional ecommerce sites, including each touchpoint ranging from product portfolio to the payment process.
The announcement details that Covento’s predominant challenge is providing an extensive experience that enables simple reconciliation, refunds, and dispute management. By leveraging the e-wallet tech, the company is enabled to route payments and optimise seller payments with a basis in specific business rules and reconciliation processes. What is more, Mangopay’s pay-in solution helps ensure a secure checkout experience for users.
Commenting on this, Casper Algren, Chief Commercial Officer, Covento advised that the company aims to become a top B2B marketplace for the renewable industry, facilitating global ecommerce for buyers and sellers alike. As the payment experience is believed crucial in having this achieved, the company is looking forward to collaborating with Mangopay and unlocking new payment capabilities for its marketplace ecosystem.
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