Helping MANGOPAY to serve the online marketplace
Founded in 2012, MANGOPAY is a payment solution platform targeting the marketplace/crowdfunding industry that supports over 700 customers in 22 different countries.
MANGOPAY evolved out of the success of Leetchi.com, our leading consumer online payment service that collects and manages money for group events. After launching Leetchi.com in 2009, we quickly recognized the vast need for our payments technology and began offering it to C2C, B2B and C2B businesses under the name MANGOPAY in 2013 to specifically serve the fast-growing collaborative economy.
If you’re setting up an online marketplace or crowdfunding site, you can integrate with MANGOPAY so you or your customers can easily accept payments, manage funds on behalf of customers, and create e-wallets. How groups pay individual people or businesses can be a troublesome issue, but fortunately, it’s one we can now solve through our payments API.
During our first year in business, we signed over 200 customers including fashion market places Vestiaire Collective and Vinted, Europe’s first reward-based crowdfunding site Ulule, and BankToTheFuture.com , the equity crowdfunding platform. We knew we had something great to offer and needed to expand out of the Eurozone to keep the momentum going.
Transacting in other currencies would require us to spend many months, considerable effort and a significant amount of money building banking relationships in different countries. Instead we turned to Currencycloud to help us accept and send international payments and quickly expand into new markets. Currencycloud’s easy-to-embed Payment Engine allows us to offer our customers payments in 28 countries, transparently convert 30 currencies and send quick payments via SWIFT to 212 countries. And with the help of only a single developer, we were up and running in just a couple of weeks.
MANGOPAY currently has over 250 customers and makes almost 11,000 international transfers through Currencycloud per month. We expect that number to continue to rise rapidly as we expand into other markets including the UK, Scandinavia and the US. Currencycloud’s Payment Engine enabled us to offer growing online marketplaces, crowdfunding sites and collaborative consumption platforms a simple, fast and low cost way to accept payments.
We enabled MANGOPAY to rapidly scale their business and expand out of the Eurozone in weeks instead of months.
We offered them global reach and expanded their payment capabilities so they can provide low-cost payments in 28 countries and transparent conversion in 30 currencies covering all major economies.
Finally, we allowed them to implement new features and build tailor made solutions for their customers through our cloud-based Payment Engine.
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