Mangopay, a bespoke payment infrastructure provider for platforms, has attained authorisation from the Financial Conduct Authority (FCA) as an Electronic Money Institution (EMI). This pivotal e-money license is a cornerstone for Mangopay’s strategy to extend its comprehensive suite of services to UK-based enterprises, underscoring the firm’s dedication to fortifying its UK operations.
Renowned for its adaptable modular payments infrastructure, Mangopay serves a multitude of platforms worldwide, including prominent brands such as Vinted, Chrono24, Wallapop, La Redoute, and Rakuten. The e-money license empowers Mangopay to issue electronic money, streamline digital transactions, and offer an array of payment solutions tailored to the intricate demands of digital commerce, thereby facilitating international expansion for its clientele.
UK-based marketplaces and platform economies stand to gain from Mangopay’s bespoke and flexible payment infrastructure, which is designed to support their growth and adapt to the evolving landscape of digital transactions.
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Romain Mazeries, CEO of Mangopay, expressed the company’s ethos and vision, stating, “At Mangopay we are laser-focused on providing marketplaces and multi-sided platforms of all types with tailored, modular solutions that remove the complexity of payments and help their businesses to grow. Exceptional product development combined with a relentless customer focus is in Mangopay’s DNA, and this FCA authorisation will unlock further innovation in the market. We’re excited to continue serving businesses in the UK having received our new license from the FCA.”
Luke Trayfoot, Group Chief Revenue Officer at Mangopay, overseeing the UK division, highlighted the strategic importance of the FCA license, “Mangopay already has a very strong footprint in Europe, and the FCA license is critical to us achieving our ambitious growth plans for the UK as we expand our business. We are extremely proud to be receiving our e-money license in the UK, which validates the robust capital, regulatory, and security standards that we uphold. We’re looking forward to working with our existing and new UK customers to support their growth journeys both here and around the world.”
This development is not only a testament to Mangopay’s compliance with stringent capital, regulatory, and security benchmarks but also a beacon for UK businesses aiming to scale both domestically and globally. With the FCA’s endorsement, Mangopay is poised to catalyse the next wave of innovation in the marketplace and platform economy sectors.
