France based Mangopay, a payments solution that accommodates crowdfunding platforms, online marketplaces and collaborative consumption platforms, has announced a relationship with UK Based Currency Cloud in an effort to offer its customers fast and secure money transfers. Mangopay has positioned their service as a global platform targeting the fast paced crowdfunding space. Earlier in 2014 the company announced they were now allowing additional currencies beyond the Euro to process via their platform – including the US dollar, Canadian dollar, British Pound and more.
Founded in 2013, Mangopay has achieved considerable success and claims over 200 customers including crowdfunding platforms Ulule and BankToTheFuture. The payment platform incorporates a broad range of transactional management tools including international transfers and escrow.
Mangopay turned to Currency Cloud’s easy-to-embed Payments Engine to meet their growing needs. 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. The company, along with its sister website Leetchi.com, expect to process over €100 million in payments – both domestic and international – by the end of 2014.
Romain Mazeries, Managing Director at Mangopay stated:
“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, added:
“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.”
