Helping MANGOPAY extend its global reach
Background
Founded in 2013, Mangopay is a payment solution platform making it easy for those setting up online marketplace or crowdfunding sites to accept, secure, and redistribute funds their own way. Mangopay supports over 2,500 European customers in 22 different countries, and since 2013 has processed more than 17bn euros in payment transactions. Mangopay is a multicultural, highly collaborative company employing 218 people in seven European offices.
Challenge
In their first year in business, Mangopay had signed over 200 customers including fashion marketplaces Vestiaire Collective and Vinted, Europe’s first reward-based crowdfunding site Ulule, and equity crowdfunding platform BankToTheFuture.com. They were growing fast and needed to expand out of the Eurozone to keep the momentum going.
Transacting in other currencies out of the Eurozone would require them to spend many months, considerable effort and a significant amount of money building banking relationships in different countries.
Partnership
In 2014 Mangopay turned to Currencycloud to help them accept and send international payments and quickly expand into new markets. We helped them to rapidly scale their business so they were able to expand out of the Eurozone in a matter of weeks instead of months.
Since then, Currencycloud’s easy-to-embed Currencycloud Direct
has allowed Mangopay to offer their customers payments in over 185 countries, transparently convert more than 35 currencies and send quick payments via SWIFT.
Through Currencycloud Direct, Mangopay can offer their customers the ability to easily create ewallets, manage their customers’ funds and accept payments.
As Mangopay has expanded and grown over the years, Currencycloud has worked closely with them, adding the currencies of the Canadian dollar, Danish krone and the Hong Kong dollar, and services like Global Collections to help Mangopay deliver a seamless global customer experience.
Today Mangopay has over 2,500 European customers and makes almost 11,000 international transfers through Currencycloud per quarter. A number that looks set to continue to rise rapidly as they continue to expand into other markets.
