Peer-to-peer payment processer Lemonway reported a 24 per cent growth in turnover last year, despite the impact of the Covid-19 pandemic.
Lemonway processed €3.1bn (£2.7bn) in 2020, up from €2.6bn in 2019. However, Damien Guermonprez, executive chairman of Lemonway, said that if it weren’t for the pandemic the company’s growth would have doubled.
“Covid-19 has accelerated the emergence of our market, that of marketplace payments,” said Guermonprez.
“Without the health crisis, we would have grown twice as much as we did. That is our goal for 2021 because the sectors affected by the crisis are now organised.”
Lemonway has also announced a series of new strategic partnerships with OUI.scnf, METRO, and Acer, with further partnerships due to be announced soon. This is in line with the company’s 2021 objective to develop strategic alliances within the marketplace ecosystem.
The French company also plans to expand its reach by establishing a physical presence in Germany, as well as welcoming new customers in the Baltic countries. This will “enable Lemonway to accelerate its growth in 2021 to exceed €5bn in payment flows by the end of 2021,” said the company.
“We are helping major groups adopt the new business model of the marketplace by securing their payments and bringing into compliance their anti-money laundering and anti-terrorist financing (AML/CFT) practices,” added Guermonprez.
Lemonway’s payment solution is used by more than 1,400 websites in Europe including 200 crowdfunding platforms.
In 2018, it partnered with Barclays to launch a UK office and expand into the UK’s crowdfunding and peer-to-peer lending market.