Currency Cloud, the Payments Engine behind countless financial firms, today announces a partnership with Mangopay to accelerate the growth of the collaborative economy.
MANGOPAY, a payments solution built specifically for crowdfunding platforms, online marketplaces and collaborative consumption platforms, selected Currency Cloud so that it can offer its customers quick, simple and secure money transfers, and expand with speed out of the Eurozone.
Founded in 2013, MANGOPAY is a rapidly growing FinTech firm and part of the 2014 Red Herring Europe Top 100. MANGOPAY has already achieved considerable success in the Eurozone, boasting over 200 customers including leading European fashion marketplaces Vestiaire Collective and Vinted, Europe's first reward-based crowdfunding site Ulule, and BankToTheFuture.com, the equity crowdfunding platform supported by Sir Richard Branson. MANGOPAY wanted to offer its existing customers international money transfers and expand its own business globally, in particular to the UK, Scandinavia and the US.
MANGOPAY turned to Currency Cloud's easy-to-embed Payments Engine to meet this need. With just a single developer, MANGOPAY got up and running with the Payments Engine in a couple of weeks. It can now offer its customers low-cost payments to over 28 countries, transparent conversion in 40 currencies covering all the world's major economies, and fast payments via SWIFT to 212 countries. Without Currency Cloud, MANGOPAY would have had to spend many months and considerable effort building banking relationships in different countries.
MANGOPAY currently makes over 7,000 international transfers through Currency Cloud per month and expects this number to rise rapidly as it grows into other markets. All these payments would have had to be keyed in manually without Currency Cloud. MANGOPAY and its sister website Leetchi.com expect to process over €100m in payments - both domestic and international - by the end of 2014.
Romain Mazeries, Managing Director at MANGOPAY comments: "The collaborative economy is transforming how we shop, work and interact with one another. A huge nnumber of sites are emerging to serve projects both large and small in all kinds of sectors. Our mission at MANGOPAY is to provide the world's best online marketplaces, crowdfunding sites and collaborative consumption platforms with a simple, low-cost way to accept payments and manage e-money. Currency Cloud's Payment Engine is the perfect solution for any business looking to offer its customers easy, secure money transfers. Currency Cloud critically has allowed us to scale our business very quickly and expand into new markets."
John Hammond, Chief Commercial Officer of Currency Cloud, adds: "At Currency Cloud, we believe that international payments should not be a barrier to the growth of a business. We help innovative, cloud-based FinTech firms such as MANGOPAY scale their international payments infrastructure so that they can expand more rapidly into new markets. Our customers access our cloud-based Payments Engine on a pay-as-you-go basis: there is no upfront capital expenditure on their behalf. They can leave the complexities of international payments to us allowing them to focus on their customers. We're helping to build a world where moving money is easy."