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Our Payment Provider: MangoPay

Our Payment Provider: MangoPay
July 27, 2020 Hugo Fairey

Since our launch in 2017, we have used an e-money provider called MangoPay. If you are a regular investor, you may have noticed MangoPay appearing on your bank statement when you invest. Nonetheless, both new and old investors alike may not be familiar with this system so we’ve written a post to help you understand some background about MangoPay, and why Brickowner uses them.

What is MangoPay?

The Leetchi Group created MangoPay in 2012. At the time, Leetchi was a crowdfunding platform and developed what was to become MangoPay to manage both bank transfers and debit card transactions. Their development was so successful that they turned this internal system into a standalone product: MangoPay.

Today, MangoPay currently has over 1000 business platform customers, and is available in 22 countries across Europe, offering multiple currencies, as well as domestic and international payment methods.

In 2015, it was acquired by the leading French banking group, Crédit Mutuel Arkéa, and has partnered with a large number of financial institutions like Barclays, Commerzbank, and Banco Sabadell.

How does MangoPay work?

MangoPay creates an individual client account for you as soon as you sign up to Brickowner. When you make a deposit, that money is held in your personal ring-fenced account or ‘MangoPay Wallet’. When you invest, this money is transferred from your MangoPay wallet to the relevant Investment MangoPay account. Once the investment has completed it’s fundraising, all investments made from each investor will be transferred to the particular investment. When you earn income from your investments, credit is paid into your MangoPay account wallet, which is directly linked to your Brickowner account. From there, you can collect your money for withdrawal, or reinvest at your convenience.

All these processes happen in the background, so that our Brickowner users can transfer, withdraw and invest through our platform, meaning that the complicated bit is performed by MangoPay behind the scenes, ensuring that investing through us is easy to use and secure.

Why we use MangoPay?

  1. MangoPay are fully compliant with GDPR
  2. MangoPay has a European banking licence and works in close collaboration with local regulators, like the FCA. This ensures compliance with DSP2 requirements and the latest payment directives
  3. MangoPay perform regular checks with their specialists and conduct regular penetration tests by certified auditors ensure our compliance is aligned with the banking standards and regulation
  4. MangoPay spots and flags any unusual payment behaviour thanks to the unique identifier which is attached to every card used on Brickowner platform providing further security and peace of mind
  5. Brickowner makes use of Mangopay’s e-wallet technology to ensure that funds are secured at each step of the payment flow.

We hope you enjoyed peeking under the bonnet! Our aim is to make using Brickowner seamless and easy, but behind the scenes there are a lot of moving parts, many of which are supported by industry leaders, like MangoPay.