#StartupSpotlight: Mangopay looks to simplify securing third-party payments

In this edition of Startup Spotlight, we spoke with Céline Lazorthes, CEO and Founder of Mangopay, a new marketplace and crowdfunding payment platform.

Elevator pitch

Mangopay enables marketplaces and crowdfunding platforms to accept third-party payments, create and manage e-wallets (white label), split funds and collect fees in a simple, secure and transparent way.

Why Mangopay?

The sharing economy is going from strength to strength and Mangopay’s API is playing a large role in the proliferation of these services by enabling them to accept payments. From crowdfunding platforms to ride sharing services, Mangopay’s solution is providing the users of these services with a hassle free and safe way to send and receive payments.

Mangopay is the only payment solution on the market that is completely flexible and easy to integrate. By signing just a single user contract, Mangopay’s clients may accept payments, escrow funds on behalf of third parties, and manage all the cash flows of their platforms.

Since launching in the UK, Mangopay has continued to grow steadily and now boasts 450 European customers.

How did it all begin?

Before Mangopay, I founded a company called Leetchi.com, which is a service for group payments and group gifting. The idea for Leetchi first came to me when I was a student. It was my job to collect money from my fellow students to organise our traditional two-day party, which occurred at the beginning of the school year. Around this time, there wasn't a solution which existed to collect and manage money online for a group of people. So I created Leetchi in 2009. Now we have more than 3 million customers.

In 2013, we decided to expand our offering and launch Mangopay. By creating Mangopay, we were able to open up our technology to third parties. Our easy-to-integrate API now enables marketplaces and crowdfunding platforms to accept payments and to manage cash flows.

And the financing?

As part of the Leetchi Group, Mangopay is backed by venture capitalists such as Kima Ventures (Xavier Niel), Idinvest and 360 Capital Partners. Since being created, the group has raised €7 million.

What’s next for Mangopay?

Across Europe, Mangopay processed £100 million in 2014 and is continuing to sign up new clients at a rapid pace. As a key provider of payment solutions for the growing European digital marketplace and crowdfunding sector, and with our new London office opening this year, I expect our client base to expand even further in 2015.

Startup Spotlight is a weekly column where LSBF speaks with the leaders of young start-ups and businesses with a view to inspiring a new generation of entrepreneurs. If you’d like your company to be featured here, contact us at blog@lsbf.org.uk