← State of Embedded Finance 2026

MANGOPAY

“Can a wallet-based EMI infrastructure layer become the default embedded finance OS for European and global multi-party platforms and marketplaces?”

Founded2013
HQLuxembourg
Total raised$93.1M
Latest roundMerger / Acquisition, 2023
IndustryInfrastructure / Payments
The story

Founded in 2013 as a wallet-based payment infrastructure for European marketplaces and crowdfunding platforms, Mangopay grew rapidly by providing a single API covering pay-ins, e-wallets, and payouts. The company expanded its FX capabilities early via Currencycloud to serve non-Eurozone clients, and over time broadened from marketplace payments into a full embedded finance stack for platforms — adding KYC/KYB identity verification, fraud prevention (via the Nethone acquisition), virtual IBANs, and multi-currency treasury management. By 2025, Mangopay had positioned itself as the white-label financial infrastructure layer for any multi-party platform, competing with Stripe Connect and Adyen for Platforms specifically in Europe.

Last 12 months
2025-04
2025-10
2026-04
Product timeline
2013
Founded as a payment solution platform for online marketplaces and crowdfunding sites, allowing platforms to accept, secure, and redistribute funds.· banking
2014
Partnered with Currencycloud to expand multi-currency capabilities beyond the Eurozone, enabling transactions in non-EUR currencies.· pivot
2023
Acquired Nethone, an AI-powered fraud prevention company, integrating its capabilities into the Mangopay platform as the Fraud product.· acquisition
2024
Launched Identity (hosted KYC/KYB IDV) and expanded FX product with Spot and Guaranteed-rate conversions.· banking
2025
Launched Echo — a unified solution enabling platforms to use third-party acquirers alongside Mangopay wallets and payouts — via Mirakl Connector integration.· banking
2026
Expanded virtual accounts (IBANs) with local settlement in 30+ countries, added AMEX recurring support and SCA mutual TLS.· banking
Regulated entities
EMI
Luxembourg (CSSF)
Mangopay S.A.
In the press
embeddedfinancereview.com ↗
Coverage sourced from Embedded Finance Review — a content partner for this report. All articles are © their original authors; click any card to open the source.
◇ article2026-05-26
Vinted has its own EMI, but renewed its Mangopay partnership
Vinted has its own EMI and just renewed Mangopay across Europe. Plus, Syspro extends payments inside its ERP with Nuvei, and more news.
mangopay
Source · Embedded Finance Review ↗
◇ article2026-05-25
Vinted renews Mangopay across Europe
Vinted has its own EMI and launched Vinted Pay. It has just signed a long-term renewal with Mangopay across Europe. Here's what the architecture suggests.
mangopay
Source · Embedded Finance Review ↗
The stack
Payments / PSP
Mangopay Pay-in (self-operated)KlarnaSEPA Direct Debit (self-operated)Bacs Direct Debit (self-operated)AMEX
Banking / BaaS
Mangopay S.A. (in-house)
Ledger
Mangopay (self-operated)
FX & payouts
Currencycloud
Accounting gap: significant