Banking group Credit Mutuel Arkea has acquired an 86% stake in French online money management firm Leetchi Group and its payments processing subsidiary Mangopay to expand its digital offering.
Leetchi Group founder and CEO Celine Lazorthes and its existing management will retain the remaining 14% of the business.
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Founded in 2009, Leetchi Group offers advanced online payment technologies for both the B2C and B2B markets. It raised over EUR7m in funding since its launch.
In 2013, it founded Mangopay, opening its London office in January 2015, to process payments for marketplaces and crowdfunding platforms.
Currently, Mangopay services over 700 clients across 22 countries and is due to open new offices across Europe, beginning with Barcelona and Berlin.
Under the agreement, French banking group also agreed to pump EUR10m into the Leetchi Group. The investment will be used to launch leetchi.com in the UK in the first quarter of 2016.
Also, the funds will be used to by the Leetchi Group double its existing staff numbers from 40 over the next two years and accelerate product development for both brands.
