Pan-European payment institution Lemon Way has netted €10m in funding led by Breega Capital.
Commitments to the round also came from European venture capital investor SpeedInvest. As part of the deal, both Breega and SpeedInvest will join the company’s supervisory board.
Lemon Way, which is regulated by French regulator ACPR, offers a payment solution for digital platforms and e-commerce websites. Its solution currently supports 1,400 online marketplaces and 200 crowdfunding websites across Europe.
Its API enables the creation of payment accounts, e-wallets, and escrow accounts, which can be used to securely transfer funds. Reporting tools are also accessible, enabling real-time transaction exporting and accounting.
Headquartered in France, the company also implements KYC and AML framework to protect all payments from fraud.
Last year, the company processed €1.4bn inflows and outflows, a 55 per cent increase on the €900m it processed in 2016. Lemon Way scored an €11m turnover in 2017, surpassing the €6.9m reached in 2016.
With this capital injection, the company will further its European expansion with a focus on Germany and the UK. It will also look to cement its position in France, Spain and Italy.
Alongside this, Lemon Way is looking to hire an addition 30 people to its team, which currently has 80 members.
Lemon Way co-founder Damien Guermonprez said, “Our new business of collecting money on behalf of marketplaces implies the issuance of millions of e-wallets in real time and in a very strict regulatory framework. This is the vein we are digging throughout Europe.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
