Toscafund invests EUR25m in Lemon Way
Pan-European payment processor, Lemon Way has secured a EUR25 million investment from London-based specialist financial services investor, Toscafund Asset Management (Toscafund).
The transaction is Toscafund’s first private equity investment in France.
Lemon Way is a Paris-based regulated payment institution focusing on marketplaces, crowdfunding platforms and e-comerce websites that require payment processing, wallet management and third-party services in a KYC/AML-regulated framework. It currently manages over seven million payment accounts. Lemon Way offers an all-in-one solution of modular and proprietary API-based services ranging from on-boarding to cash pay-out flows.
Toscafund’s investment will allow Lemon Way to expand its output and collaborate with banks, forging strategic partnerships aiming to provide flexible customised solutions to banks’ marketplace and e-commerce customers. The company currently has active partnerships with several major European financial institutions and aims to broaden its scope in the next few years. Lemon Way intends to develop its products further, through modular proprietary APIs and new payment services in line with the requirements of its clients.
"We are pleased to have found in Toscafund a strong and internationally experienced partner which is complementary to our first-round investors Breega and Speedinvest. The investment provides us with substantial additional resources, allowing us to bring the company to the next level,” says Antoine Orsini, CEO and co-founder of Lemon Way. “Toscafund is a leading investor in financial services and has a great understanding of the benefits of operating within a regulated framework. This funding round will help us improve.”
Fabrizio Cesario, Partner at Toscafund, says: “We are delighted to join Lemon Way's existing shareholders and support the founders with our capital and expertise in European financial services. Building on Toscafund's established track-record in providing capital to successful entrepreneurs, this investment is perfectly in-line with our mission to support companies taking advantage of technological change to disrupt the financial services industry.”
“Lemon Way's target market is booming: B2C, B2B and financial online marketplaces are emerging all over Europe and are expected to continue their strong growth trajectory,” adds George Koulouris, Partner at Toscafund. “Lemon Way’s technology, strong partnerships and differentiated expertise give the company a head start”.