Andy Wiggan, chief product officer at the wallet infrastructure provider, says the harder problem for platforms scaling abroad is not moving money across borders. It is keeping a clear view of that money once it arrives.

As a platform enters a new market, Wiggan says, collecting funds in another currency tends to pull finance, product and sales teams into a fresh round of set-up work: local banking relationships, new accounts and new reconciliation processes.

“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,” he said.

Mangopay’s argument is that a wider set of currencies on one Virtual Account set-up removes much of that duplication. “Platforms can enter new markets faster, without adding new banking arrangements or disrupting their existing payment operations,” Wiggan said.

Virtual accounts are a common feature across payment providers, and Wiggan does not claim otherwise. “Virtual Accounts themselves aren’t unique; the difference is actually in how they’re designed,” he said.

In Mangopay’s model, each Virtual Account is linked to a dedicated wallet holding a single currency, so every payment made in a given local currency maps directly to one account. “Funds can be identified and reconciled as soon as they arrive, without finance teams having to manually match payments to users or transactions,” he said.

The wallet then governs what happens next. Funds can be held, split between different parties, used to collect platform fees or released according to specific rules.

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