Advent International acquires European paytech Mangopay, invests €75m

Private equity investor Advent International has acquired Mangopay, a payment solutions provider for marketplaces and platforms, for an undisclosed sum.

Advent International acquires Mangopay

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

As part of the transaction, Advent will also take a majority stake in Mangopay’s parent company Leetchi, a donation-based crowdfunding platform based in France.

In addition to the purchase price, Advent will also be investing €75 million of primary capital into Mangopay to facilitate its growth through international expansion and product development.

Former Amazon VP of European consumer business Xavier Garambois has also joined Mangopay as chairman to help accelerate the growth of the paytech firm.

Mangopay offers end-to-end payments solutions to marketplaces and platforms. It currently serves European and global marketplaces including Vinted, La Redoute and Rakuten.

It claims to be one of the “fastest growing payments companies in Europe”. The business is currently experiencing 50% year-on-year growth and expects to process €13 billion in transactions in 2022.

Romain Mazeries, CEO of Mangopay, says: “Advent’s investment alongside their deep payment expertise and network will help us significantly accelerate our development.”

Advent has invested $6.5 billion in 17 payments and fintech companies since 2008. Recent investments include Medius, a provider of cloud-based accounts payable automation; Global Processing Services, a global payment technology platform; and Planet, a global provider of integrated digital payment services.