Lemon Way, # 1 French FinTech, continues to experience spectacular growth
Lemon Way today announced that it will exceed €900 million of flows processed (inbound and outbound) in 2016, compared with €344 million in 2015 and €113 million in 2014.
639 new partnerships were signed in 2016, bringing the total number of partnerships to 838 platforms. In addition, 11,060 small e-commerce sites bring their payment transactions to Lemon Way.
“Every month is a new record compared to the previous one. Our cruising speed is to triple our business every year and to improve our profitability even more,” said Sébastien Burlet, President of Lemon Way.
At the end-user level, Lemon Way surpassed the 2,400,000 payment accounts opened in Europe, against 1,300,000 at the end of 2015, making the payment institution the first French FinTech in number of individual accounts recruited.
Due to European regulation, crowdfunding platforms, e-commerce marketplaces, wedding list sites, common gifts, carpooling, rental between individuals, etc. must use a payment institution to collect funds from their end customers. Lemon Way, licensed in 30 European countries, has quickly become one of the leading FinTech leaders and has achieved a spectacular growth.
Lemon Way won the Deloitte In Extenso Technology Fast 50 award at the end of November, in the category “coup de Coeur”, with a 16 th ranking at the French level. At the European level, Lemon Way ranks 70th in the EMEA rankings of the Deloitte Fast 500. In 2016, Lemon Way obtained the FrenchTech pass through the Systématic competitiveness Parisian cluster.
Lemon Way aims to quadruple its valuation two years in a row to reach the billion-euro valuation at the end of 2018.
With 7.5 million euros in revenues in 2016 in the FinTech sector, which evaluates companies 9 times the enterprise turnover, Lemon Way was valued at 65 million euros during its last capital increase carried out on 16 th of December 2016 with its historical shareholders, including founder and executive chairman Sébastien Burlet and CEO Damien Guermonprez. The two officers respectively hold 51% and 23% of the shares. The objective of this capital raising is to cope with the constraint of the ACPR French regulator prudential ratio which is calculated according to the incoming and outgoing treated flows.
“We are driven by the growing wave of FinTech, which must catch up in Europe compared to the Asian and North American continents” said Damien Guermonprez, CEO.