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Online payments are becoming more popular with users every day and security is one of the main priorities, both for customers and for the platforms that sell their products and services on the Internet. Since being founded in 2013, Mangopay has innovated in promoting the platform economy, and by offering a modular payment infrastructure that adapts to the specific needs of its customers. The programmable e-wallet solution allows you to efficiently manage the flow of payments, as well as ensuring fraud prevention and currency management.

 

Its impact on the industry has been significant, with over 250 million end-users relying on its services. To date, it has processed over 100 billion euros in transactions. In Spain, Mangopay opened its first office in 2020, and in 2022 it created an innovation hub in Madrid, its first outside France. It has now appointed Sergi Herrero as CEO, who will be based in the Spanish capital.

 

 

What weight does Spain have in Mangopay's structure?

Spain has a very significant weight in our company’s structure. Since we opened our first office in Madrid in 2020, we have been able to witness the great momentum of the industry in the Spanish market and how it has become a strategic pillar for our growth. The consolidation of Spain as a key market is evidenced by the presence of major clients, such as Wallapop, Vinted and Milanuncios, which demonstrates our intention to continue strengthening our network in the Spanish business ecosystem. Our goal is to continue to expand our footprint in Spain, increasing the number of employees and strengthening our relationships with local companies. We firmly believe that this strategy will not only strengthen our position in the market, but also contribute to the growth of the digital economy in Spain.

 

Was this what you expected when you arrived in Spain?

Since our arrival in 2020, we have encountered a market that has exceeded our expectations. Spain has shown itself to be a dynamic country full of opportunities in the fields of technology and finance. The demand for customised payment solutions has grown considerably, and we have managed to establish strategic partnerships with businesses ranging from leading companies in the relevant spheres to innovative startups. We are tapping into this potential and want to continue on this path. We are continuously adapting our solutions and strengthening our offering to meet the specific needs of the Spanish market.

 

What goals have you set for yourself as the new CEO?

Our growth is driven by our increasing ability to support more platforms in more diverse ways and to strengthen our relationships with existing customers. In the short term, one of our goals is to further develop our products and expand our customer support. This will involve strengthening our technology team to improve our solutions. We are in addition seeking to attract new platforms in industries like e-commerce, travel, hospitality and financial services. Another goal for this growth and expansion plan in Spain is to achieve a significant increase in the number of employees here, by implementing an ambitious plan to attract international and national talent. In a previous role, I was Global Director for Payments and Commerce Partnerships at Meta, and I see similarities in the opportunities that are arising between Facebook and Mangopay. In the longer term, I believe we can achieve a similar growth story.

 

Two years ago you opened an innovation hub in Madrid. What milestones has this centre achieved?

We are very happy with our momentum in Spain. Our local team has diversified from technology, and we have members from other divisions based here, such as Commercial, Legal and Compliance. In this regard, we will soon open our new offices in one of the most emblematic areas of Madrid, in the Salamanca district, with a space designed to foster innovation and improve collaboration between teams. These facilities, equipped with state-of-the-art technology, not only facilitate communication and synergies between departments, but also create a dynamic environment that fosters creativity. With this move, we are confident that the quality of our services will reach new levels, allowing us to provide our clients with even more agile and customised solutions. In addition, we currently have around 35 employees based locally, and we want to continue to expand our team with top talent from all over Europe, especially developers.

 

What are your plans for the future of Mangopay's Madrid office?

Our Madrid office is an essential part of Mangopay's strategy to strengthen our position as a leading provider of payment solutions across Europe. With my presence as CEO and that of our Chief Commercial Officer, Mark Fleming, who joined the company in the summer and is also based in Madrid, the capital has become a strategic centre for the company, driving the growth of our customer base in Spain.

 

What are the main innovations that Mangopay has brought to online payments?

Mangopay has introduced significant innovations in online payments that have transformed the experience for both platforms and users. One of its key contributions is its modular and adaptable payment infrastructure, which allows platforms to customise their payment systems to meet their specific needs, improving efficiency and the user experience. This is key for platforms handling transactions carried out by millions of users in multiple countries, as Mangopay offers tailor-made solutions to streamline user verification, process payments in different currencies and handle cross-border payments securely. Another important innovation is its integrated e-wallet system, which facilitates the management of funds within the platforms, allowing users to make payments more quickly and securely. Mangopay has also focused on fraud prevention, and earlier this year we launched our advanced AI Fraud Prevention tool, which can protect platforms, block risky transactions and provide a seamless experience for legitimate users. Our FX solution allows platforms to localise the user experience and manage currency conversions more efficiently, with the option to lock in exchange rates for set periods of time. One of our latest innovations is the introduction of local virtual IBANs in several European countries, including Spain, where we are launching this service in June 2024. Thanks to this development, Spanish platforms and users can benefit from faster and more secure transactions, removing barriers and improving efficiency in local payments. Thanks to these innovations, the platforms have been able to expand their operations across Europe, with a robust payment solution that drives their growth and optimises the online shopping experience.

 

How many companies use your services and in how many countries are you active?

Our services are used by a multitude of companies across various industries, as well as in different countries and regions. We handle payments in over 170 countries. Our main focus is on companies in the following industries, although they are not our only active areas: marketplaces, financial platforms, travel and hospitality platforms, and service provider platforms. Representative examples of the category and size of companies we serve include Rakuten, Wallapop, Vinted, Maisons du Monde, Chrono24, ManoMano and Paybyrd, to name but a few. All of these clients are leaders in their respective industries and rely on Mangopay to guarantee the security and correct functioning of all payment processes, which are key for user conversion. In terms of the number of countries in which we are active, and going beyond pure numbers, Mangopay has a dominant position in terms of its presence and consolidation in various European markets. Our services cover Italy and the UK, including Germany and France and, of course, with a strong presence in Spain. As I mentioned earlier, we are ambitious: we have plans and targets for expansion into other markets and continents. We have already established a presence in Latin America, providing our fraud prevention solution. The United States is a very attractive option given our extensive European experience and differential value.

 

^{Photos: Mangopay}