Mangopay has announced that it has attained an e-money license. It is now an Authorised Electronic Money Institution. Mangopay has achieved the status as of 26th October 2023 for its UK-registered company. It means that Mangopay now has permission from the FCA to issue electronic money (e-money) and provide payment services. The authorisation will enable it to offer a wider suite of services in the UK market to UK-based businesses. It is a significant step to growing its business in the UK.
Mangopay provides its flexible modular payments to thousands of platforms globally. Including brands such as Vinted, Rue du Commerce, Chrono24, Wallapop, La Redoute and Rakuten. It has built its platform through a mix of acquisitions and partnerships. Such as the acquisitions of Nethone and WhenThen and partnerships, such as VTEX.
UK-based businesses can now take advantage of the secure payments platform that Mangopay offers across Europe.
Its B2B services include:
- Automated merchant verification (KYB)
- Trade credits with its partners for flexible payment plans
- Flexible payment methods
- Secure holding of funds
- Extend reach internationally with more merchants from across the globe
- Secure e-wallet for payments
The platform also supports services for B2C firms. The license will enable Mangopay to issue electronic money, facilitate digital payments and provide a range of other payment solutions.
Romain Mazeries, Mangopay’s Chief Executive Officer, commented, “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. 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. We’re excited to continue serving businesses in the UK having received our new license from the FCA.”
Enterprise Times: What does this mean
This is an important step for Mangopay as it looks to capture a share of the UK market. The European Payments Council noted that UK Finance predicts that in 2031, the use of cash will decline to the point where 6% of payments are made using cash; in 2021, it was 15%. Statista estimates that the Digital Payments market is projected to reach US$439.30bn in 2023 and rise to US$741.30bn by 2027.
Without this license, Mangopay would have been unable to bring its full platform to the UK market. As a mature and growing solution, it will look to leverage its size in the UK market. If it can capture attention and forge partnerships in the UK market, it could become a leader in the space.
Luke Trayfoot, Mangopay’s Group Chief Revenue Officer who oversees the company’s UK entity, said, “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. 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. We’re looking forward to working with our existing and new UK customers to support their growth journeys both here and around the world.”
