Private equity firm Advent International has acquired a majority stake in Mangopay, a payment technology provider for marketplaces and platforms.

Financial terms of the deal and the size of the stake were not disclosed.

Mangopay’s exiting shareholder French banking group Crédit Mutuel Arkéa will hold a minority stake in the firm.

Founded in 2013, Mangopay provides a white label technology that enables marketplaces and platforms to accept consumer payments, onboard sellers, and hold and route funds to them globally.

Furthermore, its differentiated e-wallet environment provides flexibility for split payments as well as the use of escrow accounts and closed-loop payments.

Mangopay counts Chrono24, Rakuten, La Redoute, Vinted, and Wallapop among its customers.

The deal comes as the firm looks to take advantage of the ongoing shift of retailers and e-commerce platforms to a marketplace model.

It has already developed a spectrum of dedicated services for the evolving B2B marketplace segment.

In addition to the purchase price, Advent will invest €75m in Mangopay to help the firm accelerate its international, vertical and product expansion strategy.

MangoPay CEO Romain Mazeries said: “We are thrilled to welcome Advent as the new shareholder and growth partner for Mangopay. Their investment alongside their deep payment expertise and network will help us significantly accelerate our development.

“Mangopay is well positioned to tackle these challenges and I’m very excited about the innovation that we will bring to market and to our existing clients. We are also grateful to Arkea, who have been supportive shareholders since 2015.”

Mangopay, which is said to be experiencing over 50% year-on-year growth currently, is expected to process €13bn in transactions this year.

Advent director Fabio Cali said: “We have identified Mangopay as one of the leading players in payments for marketplaces and platforms, which is a strategic and highly attractive end market.

“We are excited to partner with the management team and current shareholders to further accelerate the next leg of its growth journey towards a global category leader.”