FOURSOURCE selects Mangopay to transform textile marketplace experience

Berlin; Germany, October 9, 2024: FOURSOURCE, one of the world’s largest tech-enabled B2B apparel and textile networks, has appointed Mangopay, a modular and flexible payment infrastructure provider for marketplaces and platforms, to launch a customised end-to-end solution to allow payments to take place within the platform for the first time.

FOURSOURCE is a network of more than 50,000 users across 120 countries, buying and selling apparel, fabric, trims, yarns and home textiles. Thanks to Mangopay’s seamless pay-in, e-wallet and payout technology, buyers and sellers will now be able to make and receive payments from within the trusted environment of the marketplace. By embedding payments within the platform and removing the need for users to make their own money transfer arrangements, the new solution provides enhanced security through e-wallets, an improved user experience and an additional revenue stream for FOURSOURCE.

FOURSOURCE was founded in 2017 and has offices in Germany, Portugal, Turkey, China and Pakistan. It offers a one-stop platform for secure orders and promotes sustainable textile production. The platform offers buyers more than 1.2 million showroom pictures and more than 24 million pieces were requested from sellers in 2023. Thanks to the partnership with Mangopay, buyers are now able to turn requests for quotations into orders and order directly from sellers’ showrooms with security in every payment.

Mangopay supports multiple business models in the platform economy with its modular payment infrastructure. The company, founded in 2013, supports platforms and marketplaces through its programmable e-wallet solution and end-to-end payment infrastructure which covers everything from pay-in to payout and AI-driven fraud prevention solutions.

Jonas Wand, CEO and Co-founder of FOURSOURCE, said: “As a destination for apparel and textile sourcing, we are committed to making our industry smarter, safer, transparent, and more sustainable. The partnership with Mangopay will help to take FOURSOURCE to the next level, by allowing us to offer the security and trust that buyers and sellers are looking for in what is a highly fragmented textile industry. By embedding payments within our platform we not only expect to provide our members with an improved user experience, but also unlock new revenue streams for our business.”

Tristan Torres Velat, VP Global Sales at Mangopay, said: “We’re proud to be working with FOURSOURCE to transform the user experience by providing in-platform payments that buyers and sellers can trust. Supporting the growth of marketplaces and platforms is what we do best and we are delighted to tailor our wallet-based infrastructure specifically to meet the expectations of the thousands of buyers and sellers using the FOURSOURCE platform.”

About FOURSOURCE

FOURSOURCE was founded in 2017 and is headquartered in Berlin, Germany. Our mission is to connect people, organizations, and innovative ideas within the textile supply chain. As the largest B2B tech-enabled network, we offer a one-stop platform for secure orders and promote sustainable textile production - making the textile business smarter, safer, transparent, and more sustainable.

About Mangopay

Created in 2013, Mangopay empowers the platform economy with its modular payment infrastructure. Built around its programmable e-wallet solution, Mangopay’s end-to-end infrastructure covers platform payment needs, from pay-in and payout to comprehensive fraud prevention and FX, for many business models and workflows. The company has over 250 million end users of its services and has processed over €100bn in transactions since its inception. Mangopay was named among CNBC’s World’s Top Fintechs in July 2024 and its Fraud Prevention solution won a Fintech Breakthrough Award in March 2024.