Barclays will also be supporting Lemonway as it looks at further opportunities in several key continental European countries. This Bank-FinTech cooperation will provide an ideal solution for crowdfunding and P2P lending companies.
Lemonway is a pan-European payment institution regulated by the ACPR – Banque de France. The new agreement with Barclays Non-Bank Financial Institution (NBFI) division, provides Lemonway with a number of key resources such as electronic banking, operating accounts, client money accounts, SWIFT-Net access, faster payments, and also Barclaycard online payments, to serve the needs of websites based in the United Kingdom.
In its first years, Lemonway Payment Limited UK will be located in the Barclays Rise London offices, 41 Luke Street, and take part in the community of selected FinTechs and innovative companies hosted in the incubator. The UK office will be headed by Emmanuel de Cazotte, early investor in Lemonway, former General Manager – Visa France and Senior VP – MasterCard.
Barclays has also agreed to support Lemonway on a plan to serve some key continental Europe markets, such as Spain, Italy or Germany, where both organizations have active customer relationships.
"It’s a good fit for Barclays to be working with agile FinTech firms such as Lemonway. We believe that this cooperation benefits both companies and will help serve the evolving payment needs of businesses in the UK and across Europe. By joining us at Rise London, Lemonway will become part of an innovative, creative environment that has helped dozens of growing companies thrive."
says David Farrow, Head of International Corporate Banking at Barclays.
Lemonway has recently raised a €10 million funding round led by Breega Capital, with the participation of Speedinvest, a FinTech venture capital fund (this transaction is currently being approved by the French regulator – ACPR). This funding will enable Lemonway to continue its expansion in Europe, particularly in Germany and the United Kingdom, and to consolidate its strongholds in France, Spain and Italy, where it is already a leader in the new business of managing money transactions for digital marketplaces and crowdfunding websites such as Lendix, Wiseed, Housers, Zankyou, Workinvoice… Lemonway plans to recruit 30 people to strengthen its team (from 80 to date).
Lemonway facilitates PSD2 regulated payments for digital platforms. The payment solution is trusted and used by over 1,400 websites in Europe. Since its launch in December 2012, the company has opened 5 million payment accounts (also called e-wallets) to end-users and has registered 95 platforms as Lemonway payment agents with the ACPR.
In 2017, Lemonway processed €1.4 billion compared to €900 million in 2016 (up 55%). The company achieved a turnover of €11 million in 2017, up 69% compared with 2016 (€6.5 million) and generated a positive net result. It has been self-financing its growth for ten years and now wants to become a leader in Europe.
"The UK is the most mature market in Europe for crowdfunding and P2P lending. We are confident that UK websites will reduce costs, while increasing payment fulfillment with Lemonway’s API, a one-stop shop to handle KYC/AML compliance, in-payment reconciliation, segregation of client money, split payments, and payment account management."
explains Emmanuel de Cazotte, VP Supervisory Board & UK Counrty Manager at Lemonway.
As Lemonway continues to accelerate its hypergrowth pace, the company sets its ambition to process €2.6 billion in 2018 thanks to major accounts it has recently signed such as the SoLocal Group (YellowPages), CNP Assurances, and the Federation Française de Football (FFF). "Our new business of collecting money on behalf of marketplaces implies the issuance of millions of e-wallets in real time and in a strict regulatory framework. This is the route we are digging throughout Europe." says Damien Guermonprez, Chairman of the Supervisory Board of Lemonway.
About Lemonway
Lemonway is a pan-European Payment Institution offering a solution dedicated to marketplaces, and alternative finance platforms looking for a payment processing and collection system on behalf of third parties in a secure and regulated framework. Regulated by the ACPR and benefiting from the European passport in 29 countries, Lemonway is based in Paris and Hamburg.
400 marketplaces already trust Lemonway. The FinTech manages 1.3 million wallets for users of its partner platforms and has raised €50m from Breega, SpeedInvest, and Toscafund.
Press contact Barclays
Tom Sullivan
Barclays Media Relations
tom.sullivan@barclays.com
+ 442 071 165 381
Press contact Lemonway
Clair Castier
VP Marketing and Communications chez Lemonway
ccastier@lemonway.com
+33 (0)6 71 83 01 93