Advent, Mangopay’s new majority shareholder

The Crédit Mutuel Arkéa group has been wondering since last summer, but barely hides it. The goal was to keep Mangopay (and its holding company Letchi) in the portfolio. Additional investment of € 10 million in 2015?

On Tuesday, April 5, the observer gave an answer. The group has announced that it has sold a majority stake to US investment fund Advent International, but neither the stake nor the transaction amount has been specified.

With an investment of 100 to 2 billion euros, the fund has already signed three acquisitions this year with Brazil’s Cardic, American McAfee and Big Panda. It will also invest € 75 million to “accelerate scale-up growth by focusing on international expansion, new industry and new product development. The leading solution of global payment systems for markets and platforms. I have the ambition to become one. Various types “.

“We are pleased to welcome Advent International as a new shareholder and growth partner for MangoPay. Their deep investment and payments expertise and network will help us significantly accelerate our growth. In the near future, global exchanges, business models and new consumer habits will create more complex and intermediaries in the field of payments. Mangopay is in a position to meet these new challenges in the market and existing We are very excited about the innovation we bring to our customers, and we are also very grateful to Arkéa, a shareholder who has been highly mobilized since 2015, “said Romain Mazeries, CEO of Mangopay, in a press release. doing.

Galamboa (formerly Amazon Luxembourg) becomes Executive Chairman

“We have identified Mangopay as one of the leading players in market and platform payments, which is a strategic and highly attractive end market. Over the past two years, we have been a majority shareholder, Arkéa. Together, we have tracked the company and its strong development. London-based Advent International director Fabio Cali has joined forces with management and current shareholders to support the next phase of the growth journey. We are pleased to be able to develop global leaders in the category.

While the API is used by more than 2,500 companies such as Vinted, Chrono24, Leboncoin, Rakuten, Wallapop and Malt, Luxembourg-based FinTech has up to 250 people, almost twice as large as its employees. Must be adopted. Half of them will be engineer and product manager positions to accelerate the development and deployment of new features. “Mangopay will also expand its activities and recruitment (sales, pre-sales engineers, customer relations personnel) in the UK, Northern and Eastern Europe, and strengthen its presence in Germany and Southern Europe,” the press release said. I am saying. ..

In a novelty, Amazon’s vice president of e-commerce until 2020, Xavier Garambois, is based in Luxembourg and was appointed chairman before joining Advent International last September. The usual strategy of investment funds. This is generally very active in investing companies.

FinTech, which exceeded 10 billion euros for the first time in 2021, totaling 20 billion euros, now exceeds 25 billion euros.