Lemonway hits profitability after doubling revenues
Lemonway has become the latest European fintech to join the profitability club
Payments fintech Lemonway has reached profitability after a twelve-month period that saw revenues double to reach €32m in 2023 (from €16m in 2022).
Lemonway says its net income for the year hit €5m, allowing it to self-finance its regulatory capital requirements.
The Paris-based company, which launched in 2007 processed €9.6bn of payments last year, a 24 per cent uplift on 2022, as its marketplace focus paid off.
Lemonway counts clients such as SNCF Connect & Tech, Billetweb, Decathlon, Ecole de Ski Français and Drouot.
In 2024 the company says it plans to launch a ‘buy now, pay later’ in partnership with Oney.
"Today, we are entering 2024 with greater strength and maturity to serve the booming marketplace sector. Our teams have been further strengthened in 2023 to provide a higher level of expertise in 2024 and continue our expansion in Europe,” Lemonway’s CEO Antoine Orsini said.
“The signing of partnerships such as the one with Société Générale will support our ambition to grow and capture market share in the coming years. The opening of an office in Hamburg in the first quarter will also enable us to strengthen our still modest presence in Germany and will reinforce our position as a key player in payments for marketplaces," Orsini added.
Lemonway has raised a total of €50m from three investment funds, Breega, Speedinvest and Toscafund.