MANGOPAY changing the FinTech world!

30 mai 2017

So honoured! MANGOPAY has been recognised by the Fintech Times as one of the ten startups about to change the financial world as we know it. We are also very happy to say that one of our clients, Plum, has been featured in the article!

Our CEO Celine Lazorthes explained:

« I realised that there was no single payments business with the functionality to accept payments, hold these payments in escrow and payout seamlessly. This meant that multiple partners were needed to facilitate the payment’s journey, causing unnecessary friction, complication, and cost. From this, MANGOPAY was born. With the E-Money Issuer license, our white label technology enables us to cover every step of the payments process, taking the pain out of payments for online marketplaces and crowdfunding platforms.

Every step in the financial system is difficult for a startup and its founder – opening an account, connecting to financial services and so on. At MANGOPAY we enable new startups to launch. For example Pumpkin, one of our clients in France, a chat app that allows you to transfer money, was launched in 2015 by business school students. There was no traditional payments solution available to meet their needs. They couldn’t have launched at all without MANGOPAY and now they have 200,000 users. The major impact we have is enabling entrepreneurs to launch innovative businesses and scale them.

We’re dedicated to sharing economy and crowdfunding platforms, most of which are very disruptive. Companies come to us because they have complex payment flow which traditional payment solutions can’t handle. For instance, The Food Assembly brings together people to buy fresh food directly from local farmers and food makers. With our technology, they are able to offer a shorter supply chain. Everyone gets a better deal: communities get to know each other, farmers get a fairer price for their work, and customers get delicious food. That’s game changing! 

Victor Trokoudes, the CEO, said:

« Sixteen million people in the UK have savings of less than £100. The cited barriers to saving boil down to prioritising the present over the future (temptations of saying YOLO), a lack of interest or understanding in finance, and the time and effort involved in creating a traditional savings plan (establishing a 5+ year plan, etc). Plum takes the onus off of people to establish their savings for them.

Plum removes the barriers to establishing savings by automating the process, applying artificial intelligence, and utilising chatbot technology to communicate. Plum’s AI analyses spending patterns and determine a safe amount of money to save that won’t impact users’ day-to-day lives. Savings are kept safely aside and accessible anytime by texting the bot on Messenger. Behavioural science tells us humans are not wired to save; instead, we actually prioritise our current desires over future goals. Plum’s intelligence sidesteps our pre-programmed human tendencies, ensuring our future selves are looked out for.

There is a large proportion of the UK population who, for one reason or another have difficulties understanding financial products and find that current savings products do not work for them. Plum is able to help the user regardless of their financial literacy. Through data analysis, our algorithm can help people from all walks of life prepare for the future.

I think that by taking small sums frequently, we are educating and conditioning millennials to begin saving early. The impact of this is huge and can help a generation begin to build a sizable pot for the future. »

Read more here!

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