Lemon Way, a Paris-based payment processor for e-commerce marketplaces, has raised EUR10 million from Breega Capital and SpeedInvest to further its plans for expansion across Europe.
The ten-year old company says the cash injection will help it to grow its business in Germany and the UK, and to consolidate its position in France, Spain and Italy. A recruitment drive, adding 30 new roles to its 80-strong team will also follow.
Lemon Way currently counts 1400 online marketplaces, including 200 crowdfunding websites, among its customer base, processing €1.4 billion inflows and outflows last year.
Self-financing since inception, the group is now turning to outside investors in a bid to accelerate growth in a market increasingly dependent on processing at scale. The company plans to double the value of payments running across its network to €2.6 billion in 2018.
Damien Guermonprez, Lemon Way chair says: "Our new business of collecting money on behalf of marketplaces implies the issuance of millions of payments accounts in real time and in a very strict regulatory framework. This is the vein we are digging throughout Europe."