Mangopay expands Virtual Accounts to 24 currencies

Mangopay has expanded its Virtual Accounts service to support 24 currencies, up from seven under its existing LU IBAN structure.

The added currencies are AED, AUD, CAD, CHF, CNH, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RON, SAR, SEK, SGD, TRY, USD and ZAR.

The expansion is aimed at platforms that collect funds in multiple markets and need to track and reconcile money by currency. It is intended to reduce the need for separate local banking relationships and account structures in each market.

Under this setup, each wallet holds a single currency, and each Virtual Account is linked to a single wallet. As a result, each Virtual Account supports only one currency, with no mixing of balances and no single account able to receive all 24 currencies.

This structure keeps reconciliation separate for each currency. A Virtual Account in MXN, for example, can hold and report only MXN, so balances and account details map directly to that currency.

Operating model

Mangopay positions its service around platforms with multi-party payment flows, such as marketplaces that handle buyer payments, seller payouts, and platform fees across several countries. In these cases, finance teams often need to match incoming payments with wallets, currencies and counterparties across a growing number of markets.

By assigning a dedicated account to each wallet, the system provides platforms with one IBAN per currency via Mangopay's infrastructure. This can replace the patchwork of local accounts, correspondent banking arrangements and manual reconciliation processes that companies often build as they expand internationally.

For finance teams, the approach means each payment is tied to one wallet, one currency and one account. For product and operations teams, adding support for another currency does not require a separate banking setup or major changes to the core integration.

Global expansion

The broader currency list also reflects demand from platforms looking to enter new regions without rebuilding their back-office processes for each market. Rather than operating different banking arrangements country by country, firms can keep the same account and wallet logic as they expand into additional currency corridors.

Consistency is a central part of the model, particularly for businesses with more complex payment flows. Each currency follows the same structure, and each Virtual Account works in the same way, reducing operational variation as transaction volumes and market coverage grow.

The service also separates collection from conversion and payout. In Mangopay's example, a platform can receive funds in JPY, convert them through wallets, and then send local payouts in ZAR, while clearly keeping incoming balances and reporting them at the collection stage.

Company background

Founded in 2013, Mangopay focuses on wallet-based infrastructure for multi-party payments. Its services include programmable wallets, IBANs, foreign exchange, payment processing and cross-border payouts, along with tools for fraud prevention and compliance.

Its customer base is centred on platforms that need to split, hold, and move funds among buyers, sellers, and partners. The latest Virtual Accounts expansion adds broader currency coverage to that model while keeping the one-wallet, one-account, one-currency structure unchanged.

The availability of expanded currency support depends on the vertical, region, and risk profile.