The platform economy accounts for more than two-thirds of eCommerce transactions, but according to Romain Mazeries, CEO of FinTech firm Mangopay, there are still very few solutions that address the complex payment requirements of platforms and marketplaces, particularly in the business-to-business (B2B) market.
For instance, not many marketplace platforms offer the flexibility needed for platform-based businesses to expand to scale in terms of developing and managing their payment stack. Mangopay has therefore been working to close this gap since it was founded in 2013.
In order to expand its payment service, the Luxembourg-based business recently announced the acquisition of the WhenThen payment orchestration platform in Dublin.
In order to expand its payment service, the Luxembourg-based business recently announced the acquisition of the WhenThen payment orchestration platform in Dublin. According to Mazeries, this allows platform users more freedom when managing payments. Leading European markets and platforms including Leboncoin, La Redoute, and Wallapop are served by the Luxembourg-based business.
In a recent interview, he said, “With WhenThen, we can advance our mission of giving platforms access to a complete and modular payment infrastructure and enhanced pay-in capabilities, while… accelerating the deployment of our multi-payment service provider [PSP] strategy through external orchestration.
According to Mazeries, WhenThen’s payment stack will enable the business to improve the value-added services it provides to clients by giving them a number of payment options, such as BNPL or the choice of which invoicing or reservation systems to use.