Lemon Way: Payments & Regtech for 29 Countries in 24 Languages

In its early days as a Payment Service Provider, Lemon Way took up the challenge of meeting the complex needs of crowdfunding platforms while drastically cutting the costs and relieving them of much of the regulatory burden of payment transactions. Five years later, the company now serves more than 1,000 marketplaces and 11,000 eCommerce sites from every corner of the 29 countries of the European Union. It was recently ranked 4th among the fastest-growing European Fintechs by the Financial Times FT1000 based on growth between 2012 and 2015.

I caught up with Damien Guermonprez, the CEO of Lemon Way, in Berlin and in Paris to understand how the company intends to continue to disrupt payments and grow. 

Therese: Damien, how did Lemon Way start as a Payment Service Provider and why did it chose to focus on payments for marketplaces and the crowdfunding sector?

Damien Guermonprez: Sebastien Burlet, our Executive Chairman, founded Lemon Way in 2007 as a software development and IT company focused on mobile payments and payment wallet management. I invested in the company in 2009 as an angel investor. We later decided to work together and to move the company beyond supplying technology into operating payments. We thus applied for a license as Payment Service Provider (PSP) which we finally obtained in 2012, after two years of hard work.

As we were looking for a payment niche we could carve for ourselves, the Banque de France, France’s Central Bank, started sending very special customers our way. These were the, then quite new, social payment and crowdfunding sites which banks did not seem to know how to, or did not want to serve. That’s how we started specializing in handling payments for marketplaces.

Therese: Aren’t marketplace payments, especially crowdfunding payments quite complex? Thus, how can you drastically cut prices in comparison with other online payment providers?

Damien Guermonprez: Indeed, crowdfunding marketplace payments are quite complex in that we do not only do cash in and cash out, meaning collecting funds from payers and transferring them to the right beneficiaries, but we also must place the funds in escrow at local banks while they’re awaiting transfer.

We also have to deal with the European diversity of payment habits, payment regulations, and, last but not least, crowdfunding regulations. The Dutch, for example, have a unique direct banking transfer network called iDeal. The French handle debit card transactions through the Groupement Cartes Bancaires.  German crowdfunding regulation requires that we verify that German retail investors do not cross the threshold of €10,000 in cumulated crowdfunding investment per year. These are only a few examples of the complexity of European marketplace payments.

We charge marketplaces a base commission of 1.20% + €0.18 per cash- in transaction, with a sliding scale for larger payment volumes. This is between half and a third of what competitors charge. We achieve these pricing levels through lean management, agile processes, and technology.

We constantly improve the industrialization of our processes. For example, we have modelled the regulatory requirements of Know Your Customer (KYC) and Know Your Business (KYB) according to the local implementation of the regulations, as well as to the different nature of payment transactions and payment means. For example, Germany allows the verification of customer identity through video on Skype whereas other countries don’t. Together with our partners, we take much of the regulatory burden of KYC, KYB, Anti-Money Laundering and Combatting the Financing of Terrorism upon ourselves – de facto relieving platforms of a large chunk of their compliance duties.

Therese: One of your main direct competitor, Mangopay, was acquired by a large bank. Aren’t you worried that banks will catch up with Lemon Way?

Not in the least. Firstly, we do not compete with banks, we work with them. In each country, we work with the best bank to offer escrow services to our clients at the most competitive prices. For example, we work with BNP Paribas Group for the Euro and Banco Sabadel for the Sterling. We are a payment hub and we channel transactions through the most efficient path in the payment ecosystem, including incumbent networks such as Swift and the Groupement Cartes Bancaires.

We are not worried that banks could catch up with us. We manage 3 million payment wallets. We do not expect large banks to be able to match our low-cost infrastructure and manage such fragmented payments at competitive rates. We have always kept a head start in terms of technology innovation, thanks, among other things, to our pioneering experience in mobile payments.

Banks are hampered by their batch processes. I used to be a banker, checking status reports every morning after the systems had crunched the numbers all night. At Lemon Way, we work in real time. This is a different world. We work with agile, state-of-the-art, open systems. Within the past three years, we cut our response times in half at the same time as we multiplied the number of hits on our systems by 10. Thanks to partners such as NTT, we can scale our systems as we go. As our applications are based on open APIs using standards such as REST, we can easily integrate new functionalities. 

Therese: What are your development plans?

Damien Guermonprez: We want to continue to grow in Europe. The Single Euro Payment Area offers us a market that is larger than the United States, a market of 517 million inhabitants and an average GDP per capita of $35,000.  In 2017, we want to double our revenue from €7 million to €15 million by supporting the growth of our current customers and recruiting new clients in alternative finance and eCommerce. To that end, we have industrialized our client onboarding process. We can now integrate a new client from Lithuania or Finland online in 45 minutes. Our main challenge as we grow is to meet the increasing capital requirements imposed by prudential ratios. We’re well on track to do so.


Therese Torris, PhD, is a Senior Contributing Editor to Crowdfund Insider. She is an entrepreneur and consultant in eFinance and eCommerce based in Paris. She has covered crowdfunding and P2P lending since the early days when Zopa was created in the United Kingdom. She was a director of research and consulting at Gartner Group Europe, Senior VP at Forrester Research and Content VP at Twenga. She publishes a French personal finance blog, Le Blog Finance Pratique.

Katipult Launches Peer to Peer Lending Software for UK Market

Katipult has launched new software designed to power UK peer to peer lending platforms. Katipult has partnered with payment platform Mangopay in their European push.  Katipult, based in Canada, is a white label software provider that facilitates investment crowdfunding / P2P lending in over 20 regulatory environments.  Mangopay, launched in 2013, has quickly generated a dedicated portfolio of clients across Europe providing a payment service for marketplaces that was not previously commercially available.

Brock MurrayBrock Murray, CEO of Katipult, said they were excited to partner with Mangopay;

“The level of sophistication and security required to properly service the debt markets is unique and we’re bringing a product to the UK market that benefits everyone from lenders to borrowers as well as regulators, by creating a high standard for industry confidence.”

Celine LazorthesCéline Lazorthes, CEO of Mangopay – a company that boasts over 1500 platforms across Europe, said that peer to peer lenders demand a high level of sophistication and functionality.

“The partnership between Katipult and Mangopay perfectly answers this need. Katipult offers a powerful software combined to Mangopay’s seamless payment solution.”

The UK is the most mature peer to peer lending market in the world. Boosted by forward a forward-thinking regulatory approach, P2P lending is quickly becoming commonplace n the UK.  Recent data provided by the UK P2PFA indicates that growth is continuing even with economic challenges such as Brexit.

Aurora Exchange Teams Up With Maiden Life & MangoPay to Launch P2P Lending Platform

This week, Finland-based Aurora Exchange announced it formed a partnership with Maiden Life and MangoPay to launch a peer-to-peer lending platform. The company reportedly chose MangoPay as its custodian and payment technology provider, while it will offer Maiden Life’s protection insurance to users for no extra cost to cover all loans against borrower’s death, permanent or temporary disability with lenders as beneficiaries.

HandshakeSharing more details about the partnership, Jarno Piironen, CEO of Aurora Exchange, stated:

“Aurora Exchange cuts all unnecessary costs out of consumer lending by bringing borrowers and lenders to one exchange, where both new and aftermarket loans trade for maximum liquidity. With Maiden Life, we can combine the benefits of FinTech and InsurTech in one reliable customer journey.”

Keith Medgett, managing director of Maiden Life, revealed:

“This partnership combines our global reach and innovative insurance solutions with Aurora Exchange’s state-of-the art lending platform. We are excited to be moving the financial system towards more transparency and efficiency.”

Celine LazorthesPiironen went on to discuss Aurora’s partnership with MangoPay and noted that its solution allows him and his team to serve users in new geographies. He went on to add that customers will be given a peace of mind by knowing their funds are held with a regulated entity backed by French banking group, Credit Mutuel Arkéa. Celine Lazorthes, CEO of MangoPay, added:

“Since 2013 we have supported some of the most innovative companies in the FinTech space. We are very excited to support a P2P consumer lending platform as agile as Aurora Exchange.”

Aurora Exchange is notably backed by a group of Finnish investors and the Finland’s technology investment fund TEKES.

 

Katipult & Mangopay Partner on White Label Crowdfunding Software in UK

Katipult on MacCrowdfunding software provider Katipult has partnered with Mangopay in its push to enter the UK crowdfunding market.

Based in Canada, Katipult clearly wants to be the dominant global, white label software provider and is already compliant in more than 20 different countries. An expansion into the UK makes sense – pairing it with leading payment platform Mangopay, just makes sense.

In a joint release, the two companies stated their arrangement “cements” promising growth in Europe calling their combined initiative “must have technology”. Mangopay, operating out of Paris, has been a Fintech superstar and was recently acquired by a French bank as the service experienced rapid growth. Today Mangopay is utilized by over 1000 platforms.

Brock MurrayBrock Murray, CEO of Katipult, said his company was “ecstatic” to incorporate the Mangopay services.

“This is a game-changing relationship for the UK Investment crowdfunding market. We’re bringing a product to the UK market that benefits everyone from investors to issuers as well as regulators, by creating a high standard for industry confidence. We’re acting as technology partners and building an ecosystem to help firms create portals to grow their investor networks and efficiently manage them,” said Murray.

Celine LazorthesKatipult’s platform provides an integrated and compliant solution for many forms of investment crowdfunding. Mangopay filled a void in the European payment sector having targeted the marketplace sector with its end to end payment solution technology.

“As the regulatory environment evolves, crowdfunding needs agile and secure payment solutions. Crowdfunding platforms and marketplaces have identified us as a key player because we offer an easy-to-use payment solution which perfectly addresses their needs,” stated Céline Lazorthes, CEO of Mangopay.

MangoPay & ECN Renew Partnership to Promote European Crowdfunding Ecosystem

CrowdTuesdayMangoPay and the European Crowdfunding Network have renewed their partnership to promote a stronger, more vibrant European crowdfunding ecosystem via the CrowdTuesday meet-ups. The ECN is the leading pan-European representative group that fosters communication across the crowdfunding industry while championing the cause with policy makers.

CrowdTuesday has been a successful gathering point hosted across Europe that is open to businesses, investors, industry participants and policy makers to share information and promote investment crowdfunding. During the past 2 years, over 40 sessions have taken place in many different countries in Europe. According to the ECN, CrowdTuesday is emblematic of its goal to develop strong, local crowdfunding ecosystems that will eventually migrate to a unified pan-European ecosystem thus removing un-necessary national barriers.  The backing of MangoPay, a Fintech star founded by prominent entrepreneur Céline Lazorthes that rapidly grew across Europe as it supported online marketplaces, is an important validation of the ECN objective.

Oliver Gajda ECN ParisThe European Crowdfunding Network and MANGOPAY renew their partnership to power CrowdTuesday in Europe and foster a stronger European crowdfunding ecosystem.

ECN’s Executive Director Oliver Gajda, released a statement on the renewed partnership that first took place in 2015;

“We are glad to renew our collaboration with MANGOPAY to keep growing CrowdTuesday and bring it together to the next level. MANGOPAY has demonstrated to be a valuable partner to the European Crowdfunding Network, having understood from the beginning that the real potential for the crowdfunding  industry will be unleashed only when it reaches a truly pan-European dimension”.

Celine LazorthesLazorthes recognized the strategic importance of maintaining a solid relationship with Fintech entrepreneurs explaining that crowdfunding platforms had identified their system as the perfect payment solution as they perfectly addressed their needs.

“Our aim is to help the local crowdfunding ecosystems to establish, network and grow informed and connected,” said Lazorthes. “We fully support the crowdfunding community.”

 

MangoPay Update. Has Now Processed Over €200 Million

Celine LazorthesMangoPay, a payment platform that has focused on the crowdfunding and marketplace sector of finance, has shared a brief update on their progress. According to the company, Mangopay now has hit the following numbers:

  • Over €200 million in payments processed
  • 900 clients and rising
  • 50 + employees

The young Fintech firm was acquired by French bank Credit Mutuel Arkéa last year representing a significant win for the French tech startup sector.  MangoPay was founded by Céline Lazorthes who launched the payment solution while seeking a solution for her platform Leetchi. She discovered the current market offerings fell short of her needs so she created her own and thus crafting a market success.

Speaking with Crowdfund Insider, Lazorthes commented on the acquisition late last year;

“I never expected to sell the company so early. It was a great opportunity. It was years we have been working with Credit Mutuel,  we know them very well … They made a very big offer.  It does not happen so often.”

 

 

Mangopay & GoCardless Form Partnership for Improved Collection of Payments

London-based Fintech startup GoCardless and innovative payment solution provider Mangopay have formed a partnership that is said to improve the collection of payments from global crowdfunding platforms. GoCardless launched in 2012 and presently serves more than 13,000 companies collecting over a billion pounds per year. It has raised $12 million in capital from a range of investors including Balderton Capital, Accel Partners, Passion Capital and YCombinator. The agreement will let users pay via direct debit and will allow merchants to easily set up recurring payments.  The payment solution will support Mangopay’s extensive European customer-base as GoCardless offers Direct Debit via Bacs in the UK and SEPA across the Eurozone and has launched in France, Germany, Netherlands and Spain.

Celine LazorthesCéline Lazorthe, founder and CEO of Mangopay, called the agreement a “major step forward” that would cement Mangpay’s position as the best payment platform for crowdfunding platforms.

“Our objective at Mangopay is to provide a payment solution which fits the particular needs of crowdfunding platforms and marketplaces. Furthermore, the partnership is a real testament to the quality of financial technology currently innovating in London” said Lazorthes.

Hiroki Takeuchi, co-founder and CEO of GoCardless, added they were delighted to work with Mangopay.Hiroki Takeuchi

“The new partnership allows us to provide Direct Debit, a popular payment solution for recurring payments due to its low fees and low churn, to MANGOPAY’s crowdfunding and marketplace owners.  As a leading Direct Debit provider, we already serve tens of thousands of businesses across the world. MANGOPAY users will soon be able to benefit from our simple and effective recurring payments service. Together I am sure we will forge a formidable partnership and offer a best in class solution to their customers,” said Takeuchi.

Mangopay is part of the Leetchi Group.  Founded in 2009, it is the leading payment platform in Europe and has focused on the marketplace / crowdfunding industry. Mangopay currently has 700 customers and is available in 22 different countries. Mangopay was acquired by the French banking group Crédit Mutueal Arkéa earlier this year.

Fintech Rock Star: Céline Lazorthes Talks About Mangopay Acquisition by Credit Mutuel Arkéa

Celine LazorthesCeline Lazorthes is founder and “one damn passionate CEO” of Leetchi and MangoPay. Leetchi is a successful donations-based crowdfunding platform that allows users to collectively accumulate funds for gifts, trips or whatever, making it easy to contribute for a single shared purpose.

Mangopay is something different.  Only a bit over two years old, Mangopay was born of a need for Leetchi to process payment transactions across a growing number of countries.

Late last month, Leetchi Group (the parent of both platforms) announced that French banking group Crédit Mutuel Arkéa had acquired 86% of the company and intended to inject €10 million to rapidly boost growth. Leetchi was founded in just 2009. Mangopay was launched in 2013 going from zero to hundreds of clients in a few short months. While no exact purchase price was given, chatter indicates the bank paid between €50 to €100 million for majority ownership in the firm.

 

Mangopay is a payment platform that is dedicated to crowdfunding sites and marketplaces. The most recent count placed clients at over 700 across 22 different countries. An office opened up in London at the beginning of 2015 saw an immediate blitz of clients rushing to use the services.  So how did a payment processing platform become so successful so quickly? This is largely due to the  bold determination of Céline and her team.  She was willing to persevere in spite of many obstacles to rocket to incredible success.  The acquisition is even more notable as Lazorthes is a young, smart, attractive female entrepreneur challenging a tech industry dominated by men.

Mangopay Fintech Rock Star

 

Recently Crowdfund Insider had the opportunity to speek with Lazorthes. She explained;

“I never expected to sell the company so early. It was a great opportunity. It was years we have been working with Credit Mutuel,  we know them very well … They made a very big offer.  It does not happen so often.”

The purchase by the bank came about during a new VC funding round.  Leetchi had already secured the backing of several, very prominent, early stage investors.  A pitch deck was being circulated and almost immediately they had two term-sheets from VCs – an encouraging sign.  The bank, sensing a unique opportunity, decided to go big and purchase the company securing an innovative asset they intend to leverage going forward.  There have only been a few Fintech acquisitions in continental Europe. Even fewer in France. But this one is a fascinating marriage of old finance with new.

LEETCHI_GROUPE_ withe Celine  Lazorthes

Mangopay is in the process of opening offices in Germany and Spain, adding to already established locations in Paris, Luxembourg and the UK.

“The UK has been amazing”  “We started operations 8 months ago, so the expansion has been kind of crazy,” said Lazorthes.  “I am very proud of this.”

And she should be.

The crowdfunding portion of the company was germinated from an idea Lazorthes had in high school. A lover of all things tech, Lazorthes envisioned a platform to collect money online for group birthday gifts, for parties, for solidarity between friends.  After launching the company, operations were going quite well, but processing payments was, frankly, a pain. At that time there was only PayPal and the process pretty much sucked. There were too many steps. You could not customize the experience. “It was full of friction,” explained Lazorthes. She decided instead of living in someone else’s purgatory, she would build here own payment platform. “We did it by accident”, stated Lazorthes.

Mangopay and Leetchi logosIt took 18 months to build Mangopay. They built their own API. Created documentation. Made the process highly customizable and easy to integrate, thus challenging the far more established PayPal. Mangopay was launched in May 2013. Asked if she had any idea how big it would become? Lazorthes stated, “No, not at all”.

Once the payment platform was integrated into Leetchi, other transactional platforms started to inquire as to how they accomplished this rather tall task.  With the inquiries piling up, Lazorthes realized there was a market opportunity for their bespoke payment platform.  No marketing was needed as clients rushed in by word of month. At first it was Euros only, but the demand compelled Mangopay to add more currencies;

“We received tons of emails from UK companies saying guys please open up here. The same for Polish market. The same for Scandinavian countries .. we decided to add many new currencies.”

Lazorthes revealed that today the crowdfunding portion of the company is about equivalent to the size of Mangopay. But this is going to change as they expect Mangopay to grow much bigger.

Lazorthes is a bit of a Fintech rock star in France. Emblematic as to what can be accomplished, she provides the following advice for aspiring entrepreneurs;

“1st – You have to be really optimistic when you are an entrepreneur. Otherwise you have a really hard life.”

 

“2nd – You need to really build your own team very carefully. Including the board members.  Including the VCs you are going to choose. These kind of ventures are only about people.  The rest is nothing … It is only about people.”

 

“3rd – You have to be both bold and stubborn. You need to make things happen.  You have to be determined.  It is a marathon.  You have to be patient. It is a battlefield.”

Asked if she had any significant mentors.  Lazorthes mentions two by name.

Euros 200 MoneyOleg Tscheltzoff, founder and CEO of Fotofolio, and Xavier Niel, founder of ISP and mobile company Iliad (trading under the brand Free). Niel is also the owner of Le Monde.  It does not hurt to have two famous entrepreneurs giving you advice, but it is obvious their initial intuition to support Lazorthes has turned out rather well.

Lazorthes stated that Tscheltzoff, her first business angel, has always been very pushy.

“For years he sent me text messages every morning for the numbers. He would tell me to do more. Do better. Be strong.”

Asked if being a woman made things challenging at times and Lazorthes said really not that much.

“No.  Maybe it happened one or two times but it is better when people think you are stupid because you can run and they do not see you.  It did not happen to me a lot. And when it did happen to me I am just making fun of this situation.”

Her relative youth may have been the bigger challenge;

“Because I was young and in the banking industry and getting the banking license is a real fucking nightmare … I was 26/27 years old and I was asked what is your experience in the banking industry? And I was always answering I don’t have any experience as I started when I was a student.  But I never experienced something tough for being a female entrepreneur.”

Celine LazorthesSo what is next for the founder of two very successful platforms? Lazorthes stated that Credit Mutuel will leave all existing management in place. They expect for the business to grow internationally and are on track to double the size of the staff.

“I am happy to be the head of this great experience. We have cash. A great team. We are very proud of our team.  It is really a team experience, 5 years of our [collective] hard work.”


 

Women Changing FinanceThis is part of a series of articles where Crowdfund Insider will be interviewing the many women changing the profession of finance today. In FinTech, crowdfunding and peer to peer lending, there are many female entrepreneurs leading or assisting innovative firms that are altering the process of capital formation around the globe.

Mangopay Exit: Fintech Group Acquired by French Bank

Mangopay New Chapter

Mangopay, a payment solution platform targeting the marketplace / crowdfunding industry that supports over 700 customers in 22 different countries, has been acquired by Crédit Mutuel Arkéa . As part of the agreement, the bank will inject a further €10 million in capital into parent company Leetchi to supercharge international growth. Leetchi expects to double staff from the current managerial team of 40 today.  Offices are planned to open in both Berlin and Barcelona in the coming months. The company now claims over 4 million users.  Leetchi was started as a group pay crowdfunding platform that allows individuals to collect funds and manage money for events such as birthdays, gifts and holidays. Mangopay has quickly become the largest portion of the business.

According to information provided by company representatives, Crédit Mutuel Arkéa has purchased 86% of the Leetchi Group, the parent company of Mangopay.  Founder and CEO Céline Lazorthes will continue to hold a 14% stake in the fast-growing firm.

Crowdfunding on Mangopay

Mangopay was a creation of necessity.  Leetchi needed a payment processing service provider and, at that time, there were no reliable firms that complied with EU regulations. Leetchi decided to develop their own platform that ironically opened the door for a new chapter of services and dramatic growth as they opened up their platform to other websites. It is now the leading payment platform in Europe.

Lazorthes released a statement that she was proud to be acquired by Crédit Mutual Arkéa.  “I believe that this operation will give our group the opportunity to strengthen our international development rapidly by allowing us to further improve our technology and to better service our customers,” stated Lazorthes.

money global internationalThe Mangopay platform had expanded rapidly filling a void in the transactional space.  The company opened up operations in the UK in January of 2015 to better focus on the robust crowdfunding sector in the country.  Since then, more than 100 UK customers including Vinted, Liftshare, Depop, Property Moose and Go Get Funding have selected the company as their preferred payment solution. Mangopay services are calculated based on incoming payments and adapted to decrease as monthly sale volumes increase. The company quotes rates of 1.8% + €0.18 for the euro and 2.5% + €0.25 for other currencies.

This past summer, Mangopay announced it had processed over €200 million for marketplaces and crowdfunding platforms.  Lazorthes stated at that time;

“Our target is to be handling over €1 billion within the next two years. We hope that entrepreneurs with desires of launching their own sharing economy business, crowdfunding platform or marketplace can pursue their dreams with the support of Mangopay.”

Crédit Mutuel Arkéa GroupLazorthes has been a rising star in the Fintech industry – especially in France, a country that has lagged behind the UK in financial innovation.  Leetchi was founded in 2009 but Mangopay has only been in operation for 2 years.  The company has received backing from venture capitalists including Kima Ventures (Xavier Niel), Idinvest and 360 Capital Partners having raised over € 7 million.

Crédit Mutuel Arkea is a cooperative that is not listed on any public exchange. The company controls regional financial subsidiaries Crédit Mutuel Bretagne, Crédit Mutuel Sud-Ouest, Crédit Mutuel Massif Central along with 20 specialized subsidiaries.  The group has 3.2 million customer-shareholders and €94 billion in assets. The acquisition will bring a new international growth opportunity to the bank which presently operates in mainly in France, Belgium and 26 other countries. The bank’s origins harken back to 1884 when the first Crédit Mutuel savings banks were established in Brittany, southwestern France and Rhône-Alpes. In 2008, the cooperative decided to chart a course of “commitment, openness and daring”.  The daring portion, is to put “innovation at the heart of all its businesses to develop services that enhance its customers’ day-to-day lives”.

 

MANGOPAY Partners with ECN on CrowdTuesday Meetups

CrowdTuesdayMangopay is a shining star in the FinTech world of Europe. Founded by Céline Lazorthes, Mangopay has filled a void in the online payment / transaction space providing a white label solution that is quickly going global.  The European Crowdfunding Network (ECN), has announced that Mangopay will support their periodic CrowdTuesday events that have spread across Europe delivering a the message of crowdfunding and disruptive finance.  ECN has helped to organize 25 events in the past 15 months bringing local crowdfunding advocates together to meet and share information.

 

Céline LazorthesThe ECN stated, “with the precious support of MANGOPAY, CrowdTuesday takes a further step towards its main goal: create strong local crowdfunding ecosystems and foster their connection and exchange of best practices and knowledge, to eventually grow a stronger ecosystem at pan-European Level”.

“We are very happy to bring crowdfunding to another level in partnership with CrowdTuesday and ECN. By attending CrowdTuesday’s events, you will be able to discover any specificity related to this new trend on a European Level. One of the key points is of course the payment system and our MANGOPAY experts will show you the best practices around crowdfunding”, said Lazorthes.

The ECN said the sponsorship will help bring CrowdTuesday to an increasing number of cities across Europe.

“We are glad to be able to bring CrowdTuesday to the next level with the support of a like-minded company, MANGOPAY, who also understood from the beginning that the real potential for the crowdfunding  industry will be unleashed only when it reaches a truly pan-European dimension”, comments Oliver Gajda, ECN’s Executive Director.

Mangopay Has Processed Over €200 Million for Crowdfunding & Online Marketplaces

Crowdfunding on Mangopay

Mangopay, part of the Paris based company Leetchi Group founded by entrepreneur Céline Lazorthes, has announced topping €200 million in payments. Mangopay offers a white label payments platform and has targeted the crowdfunding and online marketplace space.  The company set up shop in the UK this past January and now claims over 50 UK based clients including; Crowd2fund, Banktothefuture, Liftshare, Farmdrop, Propertymoose, InvestUpand Sponsorise.me. Mangopay states it has over 500 clients across all of Europe today.

Céline was quoted on the milestone;Céline Lazorthes

“It is an amazing achievement for Mangopay to have handled such a high value of payments in less than two years. After realising the potential to support sharing economy businesses, Mangopay will continue to innovate and develop to meet the needs of this growing sector.”

“Our target is to be handling over €1 billion within the next two years. We hope that entrepreneurs with desires of launching their own sharing economy business, crowdfunding platform or marketplace can pursue their dreams with the support of MANGOPAY.”

Since it was formed in 2013, MANGOPAY has helped businesses across 21 European countries to accept and distribute payments. Transactions may be processed in the following currencies : Euro, British pound, US dollar, Swiss franc, Polish zloty, Norwegian, Swedish and Danish krones.

The company has raised € 7 million since its founding and is backed by venture capitalists such as Kima Ventures (Xavier Niel), Idinvest and 360 Capital Partners.

 

 

Mangopay & Liftshare Form Partnership

Payment solution provider Mangopay has announced a new partnership with UK’s largest car sharing community Liftshare. Simultaneously the company released it now has over 50 customers in the UK.  Mangopay earlier this year opened an office in London to expand the reach of its payment platform.  Mangopay targets crowdfunding platforms and collaborative communities for its services. Liftshare offers a car sharing service to a community of 420,000 users. The company will now use the Mangopay API to provide its users with a secure paying experience.

Clients using the Mangopay API include Vinted, Vestiaire Collective, Ulule, Crowdrooster, Crowd2fund, BankToTheFuture and Farmdrop. Mangopay processed over £100 million in 2014.

Céline LazorthesCéline Lazorthes, Founder and CEO of Mangopay commented on the new arrangement:

“We are very pleased to welcome Liftshare on-board. Liftshare is a leader in the collaborative economy and we are glad that our technology will enable their dedicated community to continue to enjoy the invaluable service that Liftshare provides. Following our UK launch, we hope Liftshare will be the first of many new UK customers.”

The Mangopay API was launched in May 2013 with more than 400 European clients. The group employs 30 people in Paris, London and Luxembourg and is backed by venture capitalists such as Kima Ventures (Xavier Niel), Idinvest and 360 Capital Partners. Since being created, the group has raised €7 million. MANGOPAY is part of The Leetchi Group which runs Europe’s leading online group payment solution, Leetchi.com, which was launched in November 2009 and has more than 3 million clients.

 

Mangopay Establishes Presence in UK in Expansion Push

Double Decker Bus England UKLuxembourg based Mangopay, a payment solutions provider that works with a broad variety of transactional sites including crowdfunding platforms, has opened up an office Level 39, Canary Wharf in London positioning the company for further growth.  The Mangopay API was released in 2013 and today has over 350 European clients.  Mangopay will be working with Barclays as its banking partner in the UK. As part of the push into the UK, Mangopay will be offering will be removing all fees for cash in transactions for the first £20,000 collected.

Céline LazorthesCéline Lazorthes, Founder and CEO of Mangopay, explained;

“Having an office in the financial capital of Europe is a very exciting step for MANGOPAY. Across Europe, we processed £100 million in 2014 and are continuing to sign up new clients at a rapid pace. I’m excited for what this year is set to bring and the opening of our London office is a great way to start 2015.”

The company helps clients accept third-party payments, create and manage e-wallets (white label), split funds and collect fees in a simple, secure and transparent way.

MangopayMangopay services are calculated based on incoming payments and adapted to decrease as monthly sale volumes increase. The company quotes rates of 1.8% + €0.18 for the euro and 2.5% + €0.25 for other currencies. Some of the customers using their API include, Vinted, Vestiaire Collective, Ulule, Crowdrooster, Crowd2fund, BankToTheFuture and Farmdrop.

Mangopay is part of the Leetchi Group which is based in Paris.  The company has raised € 7 million since its founding and is backed by venture capitalists such as Kima Ventures (Xavier Niel), Idinvest and 360 Capital Partners.

 

MangoPay Partners with Currency Cloud

MangopayFrance based Mangopay, a payments solution that accommodates crowdfunding platforms, online marketplaces and collaborative consumption platforms, has announced a relationship with UK Based Currency Cloud in an effort to offer its customers fast and secure money transfers.  Mangopay has positioned their service as a global platform targeting the fast paced crowdfunding space. Earlier in 2014 the company announced they were now allowing additional currencies beyond the Euro to process via their platform – including the US dollar, Canadian dollar, British Pound and more.

Founded in 2013, Mangopay has achieved considerable success and claims over 200 customers including crowdfunding platforms Ulule and BankToTheFuture.  The payment platform incorporates a broad range of transactional management tools including international transfers and escrow.  

The Currency CloudMangopay turned to Currency Cloud’s easy-to-embed Payments Engine to meet their growing needs.  It can now offer its customers low-cost payments to over 28 countries, transparent conversion in 40 currencies covering all the world’s major economies, and fast payments via SWIFT to 212 countries. Without Currency Cloud, Mangopay would have had to spend many months and considerable effort building banking relationships in different countries.

Mangopay currently makes over 7,000 international transfers through Currency Cloud per month and expects this number to rise rapidly as it grows into other markets. All these payments would have had to be keyed in manually without Currency Cloud.  The company, along with its sister website Leetchi.com, expect to process over €100 million in payments – both domestic and international – by the end of 2014.

Romain Mazeries, Managing Director at Mangopay stated:

“The collaborative economy is transforming how we shop, work and interact with one another. A huge nnumber of sites are emerging to serve projects both large and small in all kinds of sectors. Our mission at MANGOPAY is to provide the world’s best online marketplaces, crowdfunding sites and collaborative consumption platforms with a simple, low-cost way to accept payments and manage e-money. Currency Cloud’s Payment Engine is the perfect solution for any business looking to offer its customers easy, secure money transfers. Currency Cloud critically has allowed us to scale our business very quickly and expand into new markets.”

John HammondJohn Hammond, Chief Commercial Officer of Currency Cloud, added:

“At Currency Cloud, we believe that international payments should not be a barrier to the growth of a business. We help innovative, cloud-based FinTech firms such as MANGOPAY scale their international payments infrastructure so that they can expand more rapidly into new markets. Our customers access our cloud-based Payments Engine on a pay-as-you-go basis: there is no upfront capital expenditure on their behalf. They can leave the complexities of international payments to us allowing them to focus on their customers. We’re helping to build a world where moving money is easy.”

Mangopay to Sponsor ECN CrowdTuesday Events

European Crowdfunding Network ECNThe European Crowdfunding Network (ECN) has found a lead sponsor for their previously announced ongoing CrowdTuesday events.  MANGOPAY, one of the main European payment providers, has accepted to become a gold sponsor for the crowdfunding industry’s gatherings initiated by ECN.Oliver Gajda

“Payment providers are crucial actors for the crowdfunding market. MANGOPAY was among the first players to understand that and to adapt its services to it. The fact that they are now sponsoring CrowdTuesday is a positive signal that underlines the impact of the crowdfunding market”, states Oliver Gajda, Chairman of ECN.

MangopayAs gold CrowdTuesday sponsor, MANGOPAY will power CrowdTuesday Paris, taking place on the 17th of June at the Espace Startup of Bpirance. This edition of CrowdTuesday Paris, organized by Alex Raguet, ECN French Ambassador, will bring together the crowdfunding actors at local level to Céline Lazorthesdiscuss crowdfunding for climate change.

“Being a sponsor of the ECN is a way for MANGOPAY to show our support for the great work being done for the crowdfunding industry not only for the platforms but also for all actors in this field” states Celine Lazorthes, CEO-Founder of MANGOPAY.

Sponsorship by MangoPay is viewed as an important milestone for ECN and for the entire European crowdfunding industry as it confirms that the crowdfunding industry today is made up no longer only of platforms, but also of a wider range of professional actors, including payment providers.

“We are very happy that MangoPay is also supporting ECN as associate member, which confirms the importance of our work in joining industry, stakeholders and policy makers at European level”, concludes Mr. Gajda.

 

 

 

 

 

 

CrowdTuesday Events in France Brings Together Industry Champions

Alexandre RaguetCrowdTuesday, a periodic gathering of members of the crowdfunding scene, had their inaugural gathering in Paris this past month.  The group is not targeting the novice sector of the industry but is focused on bringing together industry experts to review and discuss the nascent form of capital allocation.  While the initial meetings will be held in France, organizers intend on broadening the reach to other cities across Europe.

The first event was organized by Alex Raguet from Lumo – an energy crowdfunding platform.  Raguet is a member of the European Crowdfunding Network (ECN) the organizers of CrowdTuesday.  The event, held at Espace Startup, involved members of WiSeed, MangoPay, FABERNOVEL, FPF, Bpifrance and more.  Mr. Raguet was quoted on the event stating;

“CrowdTuesday, with its informal and friendly atmosphere, provides a perfect chance to form and strengthen a local crowdfunding ecosystem. The fact that the space for frontal presentations is very limited and that attendees have to stand up makes it a perfect occasion for networking.”

The intimate atmosphere wants to assist in consolidating the crowdfunding ecosystem at both the regional and European level.

France Liberte Egalite FraterniteRecently France has opened up their regulatory approach to investment crowdfunding known as “financement participatif”.  France may have found an ally in the crowdfunding cause with Fleur Pellerin the minister in charge of small and medium businesses.

The next CrowdTuesday event is scheduled for May 20th where discussion topics include promoting transparency and self regulation.

Mangopay Payment Solution Now Accepts 7 More Currencies

MangopayMangopay, a payment solution for crowdfunding platforms and other marketplaces has announced they have begun supporting seven currencies in addition to the Euro including:

  • British Pound
  • US Dollar
  • Polish Zloty
  • Norwegian Krone
  • Swedish Krone
  • Danish Krone
  • Swiss Franc

The Canadian dollar and Australian dollar will be added to their group of accepted currencies soon.

New features have also been added to the payment platform such as in-app payment using card “tokenisation”, which allows merchants to receive payments without users leaving their platform.

New open source development kits will  make integration easier for PHP, Python, Ruby and Java etc.

With a pan-European Union e-money issuer licence (EME), MANGOPAY is a comprehensive solution for international markets. The company helps clients accept third-party payments, create and manage e-wallets (white label), split funds and collect fees in a simple, secure and transparent way.

Mangopay has already signed up 150 European sites to manage their payments in the last 10 months, as the collaborative economy gets even stronger. Clients using the Mangopay API include Vestiaire Collective, Ulule, La Fourchette, Vinted, Payplug, SmartAngels, Hopwork, Trendu, Eppela, IlockYou, Sailsharing, Qhaceshoy and Farmdrop. MANGOPAY handled than €50 million in 2013.

Alexandre Boucherot, Ulule, said,

“We needed a secure solution to collect third-party payments. MANGOPAY allows us to manage e-wallets as a white label for our users in an environment that is 100% in line with all regulations.”

Céline LazorthesCéline Lazorthes, CEO, MANGOPAY and Leetchi.com, said,

“I’m proud to announce that MANGOPAY is now compatible with a wide range of currencies. This was an essential requirement for many of our international clients which we needed to meet. When I created Leetchi.com in 2009, I dreamt of having this kind of solution in my hands!”

Leetchi manages Mangopay.  The group employs 26 people in Paris and Luxembourg and is backed by venture capitalists such as Kima Ventures (Xavier Niel), Idinvest and 360 Capital Partners. The group has raised €5.6 million since launch.

Pretail-Focused “Crowdrooster” Goes Live With First Projects

Inspired by a family history for entrepreneurialism and with fresh ideas on micro-financing from his time at Business School, Alessandro Rovati and two childhood friends, Francesco Fumagalli and Francesco Gatti, developed an idea for an e-commerce app that allowed users to invest in pre-production product concepts. And so, in July 2013, Crowdrooster was founded.

crowdroosterCrowdrooster has launched with their first projects in an effort to establish a new pretail-focused crowdfunding platform. They currently have five deals live on the site. The ideas behind the campaigns include a workout solution that mounts to office chairs and a boutique Italian-made cruiser.

Interestingly, this platform is more brand-focused than many of their competitors. All campaigns are actually nested under a brand page, which should theoretically encourage brands to use the platform for multiple crowdfunding projects and products. An example of one of these company pages can be seen for the aforementioned OfficeGym, whose campaign is advertised at the bottom of the linked page.

crowdrooster

The platform is using payment provider MangoPay, which charges 1.8% + € 0.18 per transaction.

Users have to sign up to get access to the deals, another rather unorthodox approach for a rewards-based platform. It seems an effort to create a community on the site, which has many social aspects built-in including the ability to favorite and comment on a campaign.

Crowdrooster is still labeled as being in beta.