Leetchi Group, the Paris, France-based fintech company behind Mangopay, has been acquired by Crédit Mutuel Arkéa.
The bank has acquired an 86% stake in the company and invested €10m into the Leetchi Group to boost growth. The remaining 14% of the business will be retained by Céline Lazorthes, founder and CEO of Leetchi Group, and its existing management and will remain autonomous and lead business operations.
The investment will allow the Leetchi Group to launch leetchi.com in the UK in the first quarter of 2016, double its existing staff numbers over the next two years and accelerate product development for both brands.
Founded in 2009, Leetchi Group provides online payment technologies for both the B2C and B2B markets. leetchi.com allow users to collect and manage money from a group in a secure way in 150 countries.
In 2013, the company founded Mangopay (opening a London office in January 2015) to process payments for marketplaces and crowdfunding platforms.
Today, Mangopay services more than 700 clients across 22 countries and is due to open new offices across Europe, beginning with Barcelona and Berlin.
The group currently employs 40 people in Paris, London and Luxembourg.