Our Payment Provider: MangoPay

Our Payment Provider: MangoPay

Since our launch in 2017, we have used an e-money provider called MangoPay. If you are a regular investor, you might have noticed ‘MangoPay’ on your bank statement. However, if you are not familiar with the service – or just wanted to find out a little more about it – please read on.

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. The technology was so successful it became a standalone product.
Today, MangoPay has more than 1,000 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, called a ‘MangoPay wallet’ and when you invest, funds are transferred from there to the relevant Investment MangoPay account. Once the investment has completed its fundraising, investments made from each investor are transferred to the particular investment. Income from your investments 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 investing through us is easy to use and secure.

Why we use MangoPay?

  1. 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.
  2. MangoPay performs regular checks with its specialists and conducts regular penetration tests by certified auditors, ensuring our compliance is aligned with the banking standards and regulation.
  3. MangoPay spots and flags any unusual payment behaviour thanks to the unique identifier that is attached to every card used on the Brickowner platform, providing further security and peace of mind.
  4. Brickowner makes use of Mangopay’s e-wallet technology to ensure that funds are secured at each step of the payment flow.
  5. MangoPay is fully compliant with GDPR.

We hope you enjoyed peeking under the bonnet! Our aim is to make 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.