Mangopay, a white-label payment solution provider for marketplaces, has opened an office at Level 39, London's largest technology accelerator.
"Having an office in the financial capital of Europe is a very exciting step for Mangopay," said Celine Lazorthes, founder and CEO of Mangopay in a January 28 press release. "Across Europe, we processed £100 million in 2014 and are continuing to sign up new clients at a rapid pace."
The company made the move after signing several key clients in Europe, although the company declined to name the merchants. Across Europe, Mangopay has 350 clients. As an introductory offer to the market, Mangopay is dropping its fees for cash-in transactions for the first £20,000.
Mangopay allows marketplaces, crowdfunding platforms and collaborative consumption platforms to accept card payments and transfers, plus country-specific payment types. Companies that work with Mangopay can manage multiple currencies and create e-wallets to escrow and split funds. Mangopay manages the fraud and anti-money laundering process for its clients.
"Mangopay is a key provider of payment solutions for the growing European digital marketplace and crowdfunding sector," said Phil Bowkley, head of funds and fintech in the corporate banking sector at Barclays in the release. Barclays will be Mangopay's sole provider for U.K. banking services.
Smaller merchants and marketplaces are sought by payments technology providers because they tend to be agile and accepting of change. Especially in the business-to-business space, larger corporations have a massive amount of red tape to get through, so smaller companies are often a more receptive target for payments startups. Balanced is another company that targets its payment platform at marketplaces in the U.S.