Mangopay Expands Virtual Accounts to 24 Currencies for B2B Collections

Mangopay has grown its Virtual Accounts offering from seven currencies to 24, providing platforms and marketplaces with a unified method for collecting business-to-business payments across a broader range of markets.

Andy Wiggan, chief product officer at the wallet infrastructure provider, argues that the real challenge for platforms expanding internationally isn't transferring funds across borders — it's maintaining visibility over those funds once they land.

When a platform launches in a new market, collecting payments in a different currency often forces finance, product, and sales teams into another round of setup: forging local banking relationships, opening new accounts, and establishing fresh reconciliation workflows.

Having to establish local banking relationships, accounts and reconciliation processes is not just arduous but can also mean operations teams are suddenly having to run multiple backend setups, rather than one centralised payment operation, Wiggan said.

Mangopay's pitch is that supporting a wider set of currencies on one Virtual Account infrastructure eliminates much of that duplication. Platforms can launch in new geographies more quickly, Wiggan noted, without adding banking arrangements or disrupting current payment operations.

Virtual accounts are a standard feature among payment providers, and Wiggan acknowledges that. The distinction, he explains, lies in how they're architected.

In Mangopay's setup, each Virtual Account connects to a dedicated wallet holding a single currency, so every payment in a particular local currency maps directly to one account. Funds can be identified and reconciled the moment they arrive, Wiggan said, without finance teams manually matching payments to users or transactions.

The wallet then determines what happens next. Funds can be held, divided among different parties, used to collect platform fees, or released according to specific rules. For enterprise platforms handling thousands of users and high transaction volumes, this creates a more automated flow from collection through fund management and payout, Wiggan said.

Wiggan sees a change in what platforms now demand from their payment providers. A few years ago, he said, the industry was chiefly focused on making payments faster. Speed is now an expectation rather than a differentiator.

Platforms operating in more markets and managing more intricate fund flows also want visibility and control over those flows. Finance and operations teams need to understand where funds are, reconcile collections, and apply the same operational model for all the currencies and markets they support, Wiggan said.

Asked where businesses struggle most with cross-border collections, he pointed to fragmentation. As businesses expand internationally, they often end up managing multiple banking partners, local accounts, and reconciliation processes that weren't designed to work together, he said. Finance teams spend more time tracking exceptions, matching payments, and understanding where funds sit across different systems.

Wiggan positions the currency expansion within a broader product strategy centred on platform control.

We believe the next generation of payment infrastructure will be defined by how well it helps businesses manage money, not simply move it, he said. Our strategy is to give enterprise platforms more visibility over their funds, more control over how money moves, and more ownership of their financial stack.

He describes Virtual Accounts and wallets as solving different problems. Virtual Accounts facilitate fund collection, while wallets give platforms the flexibility to decide what happens to those funds next, he said. Money can be held, split, converted, or routed according to the platform's business model.

The expanded coverage applies to business-to-business collections. Supported currencies include pound sterling, the Swedish krona, the Japanese yen, the US dollar, and the Polish złoty, with the full list of 24 published in Mangopay's developer documentation.