MangoPay signs first purchase with Nethone

Bought in April by the American fund Advent, which is supposed to give it the means to achieve its ambitions, the fintech MangoPay has acquired the Polish solution Nethone, which specialises in the fight against fraud to meet the specific needs of marketplaces.

FACTS

•  The Nethone solution operates from onboarding to payment.

• Powered by Machine Learning, Nethone's solution integrates behavioural data collection, hardware, software, network intelligence and behavioural biometrics.

• Nethone will continue to work with its fintech clients and financial institutions to :

  • Reduce account takeover (ATO), eliminating false accounts, fraud rates, chargebacks and unauthorised transactions;

  • increase conversion rates and payment approval rates;

  • Reduce manual fraud audit work through automation.

CHALLENGES

• A specific focus on mobile devices: In a context where mobile transactions are increasing, Nethone's solution integrates the analysis of a wide range of parameters specific to smartphones and therefore allows to accurately identify fraudulent activities on these particularly sensitive devices.

• Mangopay's acquisition of Nethone creates the first fraud prevention solution designed specifically for the needs of platforms and marketplaces: marketplaces account for more than two-thirds of global e-commerce transactions, making them a prime target for fraudsters. It contributes to the enhancement of Mangopay's capabilities in pay-in and pay-out authentication and vendor integration through a strengthened "Know Your User" approach. The collaboration between Mangopay and Nethone is already enabling platforms to:

  • increase conversion rates thanks to the optimisation of payment transaction scoring,

  • better management of 3DS2 exemptions and validation of identity checks.

• Expansion and diversification: will not only allow us to sell services in new geographies as Nethone has clients in the US, Latin America and Africa, but also to diversify our client base as our new subsidiary works with fintechs and financial institutions

MARKET PERSPECTIVE

• Mango Pay's development plans for 2023 include

  • the launch of a new website,

  • obtaining a banking licence in the UK (required due to Brexit),

  • opening an office in the US

  • at least one new external growth operation, the process of which is currently well advanced.

KEY FIGURES MANGO PAY

• 12 billion euros of flows executed this year

• over 2,500 platforms and marketplaces

• Turnover > €80 million

• Ambitions to multiply it "by 5 to 10" over a four-year period.