Lemon Way, a pan-European payment processor, has netted €25m in its funding round from Toscafund Asset Management.
The Paris-based company will use the funds to develop its products through modular APIs and new payment services.
Currently, Lemon Way is used in 12 European countries including France, Italy, Spain, and will use part of the new funds to support growth in the UK and Germany.
Lemon Way has a number of active partnerships with several major European financial institutions and is aiming to broaden its scope in the coming years.
Launched in 2007, the FinTech company focuses on marketplaces, crodfunding platforms and e-commerce websites which require payment processing, wallet management and third-party payment services via an AML/KYC-regulated framework.
The company offers an all-in-one solution of modular and proprietary API-based services which range from onboarding to cash pay-out flows.
Last year, the company handled total business volume of €1.9bn in flows. It is expecting to process around €3bn by the end of the year, which would be a 58% growth on last year.
Lemon Way CEO and co-founder Antoine Orsini said, “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.”
The company’s former round was a €10m Series A last year from Breega and SpeedInvest.
Earlier in the week, it was reported by Bloomberg that India’s payment giant Paytm is close to a $2bn funding round, which would put it at a $16bn valuation.
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