Mangopay secures UK e-money licence

Payments infrastructure provider Mangopay has been authorised as an Electronic Money Institution (EMI) by the Financial Conduct Authority (FCA).

Providing a flexible modular payments infrastructure to thousands of platforms worldwide, the new licence enables the company to issue electronic money, facilitate digital payments and provide a range of payments solutions to UK-based companies.

The company is now able to provide its suite of services to UK-based businesses as it works to expand its operations in the UK.

“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,” Mangopay CEO Romain Mazeries said.

“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.”

Strengthening its position in the UK, the new authorisation will help the company grow in the UK.

Luke Trayfoot, Mangopay’s group chief revenue officer, oversees the company’s UK entity.

“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,” Trayfoot said.

“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.”

Founded in 2013, the modular payment infrastructure for platforms and marketplaces has offices in London, Dublin, Paris, Milan and five other major European cities.

It has supported more than 2,500 platforms over the last decade.