The payment institution Lemon Way raises EUR 10 mln

The funding round was led by Breega Capital, with the participation from Speedinvest, a fintech venture capital fund.

The transaction is currently being approved by the French regulator ACPR. On this occasion, the two VCs will join the Lemon Way Supervisory Board.

This fundraising will enable Lemon Way to continue its expansion on a European scale, particularly in Germany and theUK, and to consolidate its strongholds in France, Spain and Italy, where it is already a leader in the new business of collecting money on behalf of digital marketplaces, especially for crowdfunding websites (Lendix, Wiseed, Housers, Zankyou, Workinvoice). It will also recruit about thirty people to strengthen its team (80 people to date).

Lemon Way facilitates complex payments for digital platforms and ecommerce websites. Since becoming a payment institution in December 2012, the fintech has opened 5 million payment accounts (also called e-wallets) to platform customers and has declared 95 platforms as Lemon Way payment agents with the ACPR.

In 2017, Lemon Way processed EUR1.4 billion inflows and outflows against EUR 900 million in 2016 (+ 55%). The fintech achieved a turnover of EUR 11 million in 2017, up 69% compared to 2016 (EUR 6.5 million) and generated a positive net result. It has been self-financing its growth for ten years and now wants to become a leader in Europe.

The French fintech accelerates its growth pace and has the ambition to process EUR 2.6 billion in 2018 thanks to accounts it has recently signed, such as the SoLocal Group, CNP Assurances, CCI Store, the Fédération Française de Football, and the Fédération Française de Natation. 

Lemon Way solutions are offered in partnership with banks and payment processing agents. The fintech has enriched its banking relationships by working with Banque Postale, Barclays and Crédit Mutuel CIC, in addition to its long-standing partners BNP Paribas and Banco Sabadell.