Luxembourg-based Mangopay expands operations to the UK

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The FinTech payment solution for marketplaces, crowdfunding platforms and collaborative economy players has opened offices in London. Mangopay will be based at Level 39, Canary Wharf and has chosen Barclays as the sole provider of its UK banking services.

Mangopay offers a comprehensive solution for clients accepting third-party payments, creating and managing e-wallets, splitting funds and collecting fees in a simple, secure and transparent way.

Céline Lazorthes, Founder and CEO of Mangopay, comments: “Having an office in the financial capital of Europe is a very exciting step for Mangopay. Across Europe, we processed £100 million in 2014 and are continuing to sign up new clients at a rapid pace. I’m excited for what this year is set to bring and the opening of our London office is a great way to start 2015.”

By offering highly competitive pricing, which is calculated based on incoming payments and adapted to decrease as monthly sale volumes increase. A basic rate of 1.8% + €0.18 is offered for the euro and 2.5% + €0.25 for other currencies. Depending on client needs, free options are also available, such as one-click or recurring payments, and local payment methods.

Phil Bowkley, Head of Funds & FinTech, Corporate Banking, Barclays, comments: “Mangopay is a key provider of payment solutions for the growing European digital marketplace and crowdfunding sector. We are pleased to support them at this exciting time in their journey, as they expand their presence in the UK and offer their clients a high quality, secure and responsive service.”

Mangopay has already signed up 350 European sites to manage their payments, as the collaborative economy grows. As an introductory offer to the market, Mangopay will be removing all fees for cash in transactions for the first £20,000 collected.

The Mangopay API was launched in May 2013 with more than 350 European clients. Its e-money issuer license guarantees that all European regulations are respected. The group employs 30 people in Paris, London and Luxembourg and is backed by venture capitalists such as Kima Ventures (Xavier Niel), Idinvest and 360 Capital Partners. Since being created, the group has raised €7 million. Mangopay is part of The Leetchi group which runs Europe’s leading online group payment solution, Leetchi.com, which was launched in November 2009 and has more than 3 million clients.