Mangopay reports 35 per cent growth in 2022

Payments infrastructure provider Mangopay has reported more than 35 per cent growth in 2022, with transaction value for the year totalling more than €11.3bn.

Advent International became the company’s majority shareholder back in April and brought with it a €75m injection of primary capital to drive Mangopay’s growth.

In November it went on to acquire AI fraud detection and prevention company Nethone, to develop anti-fraud solutions for marketplaces, and it also onboarded 43 new customers.

“Our strong growth is proof that our strategy and product excellence is resonating with platforms and marketplace needs,” Mangopay CEO Romain Mazeries said.

“[It is] a strategy that Advent International has embraced and accelerated to become a global leader in the payment industry. Under Advent’s ownership, we have boosted our C-suite expertise and made our first acquisition, which has put us on a path for great success.” 

Mangopay made 100 new hires across the business in 2022, including four C-suite appointments.

Former PayPal director Luke Trayfoot joined the company in May as its first chief revenue officer to help accelerate international expansion and improve revenue streams.

Five months later Ronen Benchetrit joined the executive team as its new chief technology officer after serving in the same role at both Zopa and Bumble and Olympe Leflambe left her role as senior director at eBay to be general counsel, legal and compliance at Mangopay.

Most recently, Carlos Sanchez-Arruti joined the company from Amazon as its new chief financial officer, and the company says it plans to hire another 250 people in 2023.

“As we look forward to 2023, I’m most excited about our overall ability to empower platforms to build and scale the payment system that they need with the technology expertly curated to beat the ever-changing marketplace landscape,” Mazeries added.