Lemonway, a pan-European payment institution focused on marketplaces and crowdfunding platforms, has announced its acquisition of PayGreen’s business, a French company known for its e-commerce payment solutions.
The acquisition strengthens Lemonway’s capabilities in the e-commerce space, complementing its traditional focus on marketplaces and third-party payment solutions, according to FF News.
While the financial terms of the deal were not disclosed, the transaction brings immediate benefits, including an established e-commerce client base and a new team of 11 employees, including PayGreen’s three co-founders, who will now lead Lemonway’s e-commerce division.
Lemonway, regulated by the ACPR, serves over 400 platforms across 20 European countries, offering tailored payment infrastructure for online marketplaces. PayGreen, founded in 2016 and headquartered in Rouen, specialises in e-commerce payments for sectors such as restaurants, tourism, and leisure. Its innovative payment services include support for meal vouchers, holiday cheques, carbon emission calculators, and a round-up feature to enable charitable donations or carbon offsetting.
By acquiring PayGreen, Lemonway aims to broaden its reach into the e-commerce sector while enhancing the robustness of its infrastructure and offerings. As PayGreen’s new Payment Service Provider (PSP), Lemonway also positions itself to take PayGreen’s services to a broader European audience. The acquisition brings PayGreen’s €20m in transaction volume and €726m in payments since its inception, alongside an average basket size of €36.3. Importantly, the business is EBITDA break-even, highlighting a solid financial position.
This move also aligns with Lemonway’s ambition to build a sovereign European payment champion, as highlighted by both companies’ leadership. Lemonway’s broader reputation is also growing, having recently topped Les Echos’ 2024 financial services sector ranking with an average revenue growth rate of 63% between 2020 and 2023.
Lemonway CEO and founder Antoine Orsini said, “This acquisition fits perfectly with our trajectory and ambition to become a key payment player in Europe. PayGreen’s e-commerce positioning is highly complementary to ours. The combination of the two businesses will greatly enhance our customer offering.”
PayGreen CEO and co-founder Etienne Beaugrand said, “This acquisition by Lemonway is a tremendous opportunity for us to accelerate our development at the European level. It was essential for us to join a French player sharing our values to build together a sovereign European payment champion. Our clients will now benefit from a more robust infrastructure and complementary expertise, giving them access to a complete payment ecosystem.”
Lemonway executive chairman Damien Guermonprez said, “In a technology-driven sector, our real strength lies in our teams’ commitment and the quality of our customer support. With PayGreen joining us, we strengthen our ability to offer tailored and close support, making Lemonway the trusted partner for e-merchants and marketplaces in Europe.”
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