French payments processor Lemon Way has raised €25m as it plots a European push.
The Paris-based business has raised the cash from Toscafund Asset Management.
The platform, founded in 2007, currently serves European 1,400 marketplaces and said it will use the funds to develop new services and boost its presence in Germany and the UK.
The firm said it expects to process more than €3bn in payments this year, a 60 per cent increase on last year’s figure of €1.9bn.
‘Next level’
Lemon Way chief executive and co-founder Antoine Orsini said: “The investment provides us with substantial additional resources, allowing us to bring the company to the next level.”
He added: “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.”
The firm competes against other larger payment rivals such as Apple Pay, Fiserv, FIS and Global Payments.
Lemon Way employs 70 staff and has regional offices in London, Madrid and Milan.
Disrupting financial services
Toscafund partner Fabrizio Cesario said the investment “is perfectly in-line with our mission to support companies taking advantage of technological change to disrupt the financial services industry”.
Fellow Toscafund partner George Koulouris added: “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.”
The deal follows the payments firm’s completion of a €10m Series A fundraising last July, led by venture capital funds Breega and Speedinvest.
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