MangoPay, a European provider of payment technologies for marketplaces and platforms, announced the acquisition of WhenThen.
WhenThen also specializes in payment technologies. This company is based in Dublin. The firm was founded in 2020. WhenThen offers a code-free editor for organizing payments on e-commerce platforms.
Kirk Donohue, former co-founder and CEO of WhenThen, and now product director of Mangopay, says that companies that work on platforms, regardless of financial capabilities and market position, strive for flexibility in creating and managing a payment stack. This is necessary to achieve acceptable growth rates and generate revenue.
Mangopay’s Product Director notes that companies have had to follow a universal approach to the process of accepting and making payments for too long. He also noted that his firm intends to provide customers with more flexibility, scalability, and control.
MangoPay at the beginning of this year announced its plan to expand the number of employees by hiring another 250 people. By the end of 2022, the growth of the financial well-being of the company amounted to 35%. The total value of transactions processed by the firm exceeded 11.3 billion euros. Since the beginning of this year, MangoPay has managed to attract 243 new customers.
The company’s growth is the result of investment support from Advent International. Last year, the firm increased its fixed capital by 75 million euros to develop the business more actively. In November 2022, MoneyPay acquired Nethone, a company that specializes in the development of artificial intelligence-based technologies designed to promptly detect and prevent fraudulent activity. These technologies are designed specifically for the e-commerce market.
Romain Mazeri, CEO of Mangopay, says that acquiring WhenThen allows you to quickly expand payment capabilities, providing the best payment method on the market. He also noted that the new firm in the ownership structure is a strategic asset for further implementation of growth plans.
The company strives to provide regular customers such as Vinted, LeBonCoin, Chrono24, Wallapop, and many others with advanced features and modular technologies that meet their needs as efficiently as possible.