Pan-European payment processor Lemon Way has received €25m ($27.8m) of funding from Toscafund Asset Management.

The funding is set to help Lemon Way develop its products, through APIs and new payment services in line with clients’ needs.

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Lemon Way is a Paris-based regulated payment institution working with marketplaces, crowdfunding platforms, and e-commerce websites. All of these companies need payment processing, wallet management, and third-party payment services. Lemon Way offers them in a KYC/AML-regulated framework.

Currently, 1,400 European marketplaces utilise Lemon Way’s services, 200 of which are crowdfunding platforms.

Furthermore, Lemon Way hopes to collaborate with banks to form strategic partnerships and provide flexible solutions. The fintech has active partnerships with European financial institutions and wants to broaden its scope.

It already operates in 12 European countries and handled €1.9bn in flows in 2018. It is expected to process €3bn of transactions by the end of 2019, a 58% growth.

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“We are pleased to have found in Toscafund a strong and internationally experienced partner which 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,” said Antoine Orsini, CEO and co-founder of Lemon Way.

“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,” added Damien Guermonprez, Executive Chairman of Lemon Way.

Fabrizio Cesario, Partner at Toscafund, said: “We are delighted to join Lemon Way’s existing shareholders and support the founders with our capital and expertise in European financial services. Building on Toscafund’s established track-record in providing capital to successful entrepreneurs, this investment is perfectly in-line with our mission to support companies taking advantage of technological change to disrupt the financial services industry.”

This deal represents Toscafund’s first private equity investment in France.