The French payment processor Lemon Way has announced a near-$28 million (€25 million) investment round by the multi-asset fund management firm Toscafund, Aithority reported on Thursday (Oct. 17).
The funds will help Lemon Way advance its offerings through adaptive APIs and new payment services as well as strengthen its presence in the U.K. and Germany.
This latest investment follows Lemon Way’s initial funding round of $11.1 million (€10 million) led by Breega capital, with participation from Speedinvest.
“We are pleased to have found in Toscafund a strong and internationally experienced partner [that] 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,” Antoine Orsini, CEO and co-founder of Lemon Way, told Aithority.
This is the London-based Toscafund’s first private equity investment in France. The transaction is subject to customary regulatory approvals.
“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,” added George Koulouris, partner at Toscafund. “Lemon Way’s technology, strong partnerships and differentiated expertise give the company a head start.”
Lemon Way operates in 12 European countries and has a solid footing in France, Italy and Spain. Its goal is to become one of Europe’s top payments firms for marketplaces and crowdfunding platforms.
“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 our technological platform and finance our geographical expansion,” said Damien Guermonprez, executive chairman of Lemon Way.
The startup said in a blog post that it now has 10 relationships with major banks and plans to further develop partnerships with financial institutions.
In July, Toscafund helped fund Atom, a banking startup in the U.K. that caters to millennials. Aside from Toscafund’s investment, Atom’s funding round was led by BBVA with participation from Woodford Patient Capital Trust, Perscitus and the musician will.i.am.