Advent buys Mangopay, Leetchi

Rachel Lewis
06 April 2022

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Private equity firm Advent International has bought French platform payments solution provider Mangopay through a majority stake in its parent company Leetchi SA.

Crédit Mutuel Arkéa put the asset up for sale in the summer of 2021, mandating Deutsche Bank to run a process, as reported.

It bought the asset in 2015 for between EUR 50m - EUR 60m, per reports, and will remain a minority shareholder after the new transaction.

Advent will invest EUR 75m of capital into Mangopay to drive international, vertical and product expansion, it said in a statement. The sponsor is also bringing in Xavier Garambois, former VP of Amazon's European consumer business division, as chairman.

Mangopay is expected to process EUR 13bn in transactions in 2022, having grown at 50% year-on-year, said Advent.

The deal also sees it take a majority stake in Leetchi, a donation-based crowdfunding platform that's rapidly expanding into the charity fundraising segment.

The GP said it has invested USD 6.5bn in 17 payment and fintech companies since 2008.

Its recent deals in the space include a buyout of Planet, an Irish integrated payments provider, from Eurazeo for EUR 1.8bn, as well as a minority stake in Swedish spend management software company Medius alongside Marlin Equity Partners.