French Fintech money platform Lemon Way is opening a subsidiary in the City of London.
The Montreuil-based company is a certified payment institution which facilitates and secures transactions. It’s chosen London base is Aldgate Tower, Leman Street.
The management believe that London is the place to be. Which is quite appropriate, given that London is France’s sixth largest city!
In a statement it opined: “Every Fintech startup that is serious about developing its business on an international scale knows that London is the place to be. For Lemon Way, this move means much more than simply opening a branch office: it is a genuine strategy to become established and to grow on the British market, along the same lines as the company’s operations in the rest of Europe.”
Founder and managing director Sébastien Burlet said: “Thanks to our service that facilitates and secures the processing of transactions, Lemon Way has benefited from the extensive grapevine that exists between startups in the new economy. The result? 1,400,000 customer accounts opened in France and the rest of Europe in two years. By setting up shop in London, we intend to strengthen our presence on the UK market, where our volume of orders is growing significantly. This strategic decision to gain a local foothold underlines our determination to bring our dedicated teams as close as possible to our customers.”
Lemon Way won the FinTech 50 award in London in 2014. It was founded in 207 and employs 45 people.
“We needed to be present in the global FinTech capital,” said, Chairman of Lemon Damien Guermonprez. He continued: “In 2015, Lemon Way handled €190 million for 300 marketplaces – crowdfunding sites, collective kitties, ticketing sites – and, within four years, we plan to service 6,000 and to open 30 million accounts for private individuals in the same period. We will hire 30 new recruits in 2016 to support our development in Europe and on the international stage.”
Lemon Way helps companies and individuals who receive money on behalf of a third party. European law says that anyone who does hold money for a third party, has to either become a payment institution, or delegate that role to one who is.