Lemon Way, a Paris-based payment processor for marketplaces and crowdfunding platforms, has raised €25 million from Toscafund Asset Management. Bootstrapped for twelve years, this is the company’s second investment round to strengthen and expand its presence across Europe.
Lemon Way offers payment processing, wallet management, and third-party payments. The platform serves 1,400 marketplaces and partners with a dozen European banks, which allows customers to maintain relationships with their current bank and continue business as usual. Total payment flow in 2019 is expected to surpass €3 billion, a 60 percent increase from last year’s €1.9 billion.
Such growth is perhaps what attracted Toscafund across the channel. This is the London-based hedge fund’s first private equity deal in France.
Founded in 2007, Lemon Way remained self-financed until July 2018 when it raised its first investment, a €10 million round from Breega and Austria SpeedInvest. The fintech company has raised €35 million to date.
The new round will help bolster the existing sales teams in Spain and Italy and open new offices in Germany, the UK, and the Netherlands in 2020. It will also expand some product functionalities and regulatory approvals.
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