Vinted and Mangopay have extended their long-term payment partnership across Europe. Vinted is the Lithuania-headquartered C2C marketplace for second-hand fashion and other consumer goods, where members buy and sell directly from each other across more than 26 European markets. When a buyer purchases an item, Vinted holds the funds in escrow and releases them to the seller only after the buyer has received the item and confirmed it is as described. The two companies have worked together for over a decade, from Vinted's early-stage days to its current scale of €10.8bn GMV in 2025, €1.1bn in revenue, and an €8bn valuation following a secondary share transaction in April. Mangopay continues to provide wallet infrastructure, payment processing, and multi-currency payouts across European markets. The press release also notes that Mangopay will work alongside Vinted's own in-house PSP, Vinted Pay.
Vinted already has its own EMI
Vinted Pay received an EMI from the Bank of Lithuania in September 2023 and added a UK EMI from the FCA in March 2026. The wallet started rolling out in January 2026, but so far only in eight smaller markets: Lithuania, Latvia, Estonia, Finland, Greece, Slovakia, Slovenia, and Croatia. It is not yet live in France (Vinted's largest market), Germany, the UK, Spain, Italy, Belgium, or the Netherlands. Vinted's own framing in its 2025 results was "began onboarding customers," which suggests a careful rollout.
What the architecture appears to be
Neither company has explained how Vinted Pay and Mangopay are being combined or used. This could be a geographical split (Vinted Pay in country Y and Mangopay in country X) or a product split. The latter could be that Mangopay continues to handle the pay-in stack, such as acquiring across 24+ European markets, local payment methods, and fraud detection. This is the part of payments that takes years to build, where conversion rates are won or lost, and where Vinted has no strategic reason to rebuild from scratch. On the other side, Vinted Pay could handle the wallet layer in markets where it is regulated to do so. This would include storing the value, member balances, P2P movement, and payouts. Two public quotes underline this approach: the company describes Vinted Pay as a way to reduce "payment-related costs and dependencies," and Mangopay as the partner supporting "complex money flows and the evolution of our business model."
The bigger lesson on build vs buy
The standard framing of the build-versus-buy question is binary. Either you depend on a provider, or you obtain a licence and bring everything in-house. Vinted has done both simultaneously and signed a long-term renewal to lock it in. An EMI is permission to operate, and Vinted is using that permission selectively. Holding the licence lets the company choose market by market when to switch Vinted Pay on, rather than committing the whole platform at once. For most embedders, the question is therefore not "should we get our own licence?" It is which parts of the payments stack are worth the regulatory overhead, and which parts will always be better bought.
