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Advent takes majority stake in MangoPay

Advent takes majority stake in MangoPay

Private equity giant Advent International is buying a majority stake in MangoPay, a European payment technology provider for marketplaces and platforms.

MangoPay's developer-friendly APIs enable marketplaces and platforms to accept consumer payments, onboard sellers, hold and route funds to them on a global scale.

Counting Vinted, Rakuten and Wallapop among its users, the firm is expected to process €13 billion in transaction volume and handle more than 30 million sellers on behalf of its clients.

Advent is looking to fuel further international growth and product expansion, committing to invest €75 million of primary capital on top of the purchase price.

Some of this money will be used to hire over 250 employees worldwide in the coming months, half of them in engineering and product roles.

Among the new arrivals will be Xavier Garambois, former Amazon VP of European e-commerce business, who has been tapped as MangoPay's executive chairman.

Romain Mazeries, CEO, MangoPay, says: "Tomorrow, global exchanges, innovative business models and new consumer habits will bring more complexity and intermediaries to the payments landscape.

"MangoPay is well positioned to tackle these challenges and I’m very excited about the innovation we will bring to the market and to our existing clients."

French banking group Crédit Mutuel Arkéa will remain a minority shareholder in the payments firm.

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