In a significant development, Mangopay, a leading platform-specific payment infrastructure provider, has announced that it has been authorised by the Financial Conduct Authority (FCA) as an Electronic Money Institution (EMI). This pivotal e-money license underscores Mangopay’s commitment to expanding its suite of services to UK-based businesses and paves the way for broader operations within the British Isles.
Mangopay is renowned for its flexible, modular payment infrastructure that serves thousands of platforms across the globe. Its esteemed clientele includes household names such as Vinted, Chrono24, Wallapop, La Redoute, and Rakuten. With the newly acquired e-money license, Mangopay is now positioned to issue electronic money and streamline digital payments, thereby propelling its international growth.
The e-money license will also enable Mangopay to offer a wide range of payment solutions that cater to the specific needs of its clients. The move is expected to simplify the complexities of digital commerce, fostering ease of transactions in the rapidly evolving fintech landscape.
Romain Mazeries, CEO at Mangopay, commented on the milestone, saying, “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.” He emphasized that the FCA authorisation will serve as a catalyst for further innovation and expressed his enthusiasm to continue serving UK businesses.
Luke Trayfoot, Group Chief Revenue Officer at Mangopay, spoke about the company’s substantial presence in Europe and mentioned that the FCA license is crucial for realising its ambitious growth plans in the UK. “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,” said Trayfoot.
This development marks a significant stride in Mangopay’s expansion strategy and underlines its dedication to providing secure, efficient, and seamless payment solutions. With its new e-money license, Mangopay is set to redefine digital commerce and foster growth in the UK market.