Mangopay acquires fintech WhenThen

Four months after its latest acquisition, the marketplaces-focused payment infrastructure company has completed its solution using Irish payment orchestration platform WhenThen.

FACTS 

• Mangopay is continuing the external growth strategy it began nearly a year ago when it was acquired by Advent Fund.

• After acquiring an anti-fraud solution last December, the company announced the acquisition of Irish fintech WhenThen, a payment orchestration platform.

• WhenThen automates the routing phase between checkout and payment processors, with the company working with multiple payment providers (Stripe, Adyen, Checkout, etc.) to optimize costs and processes.

• Mangopay works with over 2,500 marketplaces including Vinted and LeBonCoin.

CHALLENGES

• Be present at all stages of the payment process: the goal of matching is to allow Mangopay customers to easily add payment methods, increase conversion rates and access all payment-related data from a single dashboard provided by WhenThen.

• Giving customers choice: The payment experience has a direct impact on a merchant's conversation rate. As such, Mangopay wants to be able to control the entire value chain, providing consumers with payment options and a frictionless customer experience.

• Achieving profitability: with Advent's support, the company hopes to double its sales this year and reach profitability by 2024.

MARKET PERSPECTIVE

• Like Leetchi, Mangopay was sold by Crédit Mutuel Arkéa to the investment fund Advent. Since the acquisition, Mangopay has accelerated its external growth strategy, including the acquisition of Nethone's fraud detection software to manage the entire payment value chain.

• Another payment initiative, Synalcom, which provides payment terminals and electronic payment solutions, announced a 50/50 merger with payment platform Qori in March 2023 : 

  • Called Sylq, it will offer customers integrated payment services and can accept credit cards, instant bank transfers and cryptocurrency payments.

  • It has major account customer references, particularly in the luxury goods industry. Including 20,000 retailers in France and over 230,000 payment terminals.

  • It applies to in-store, online and remote payments.