Argentina-based crypto fintech Lemon has raised $20 million in Series B funding as it looks to expand its operations throughout Latin America to Colombia, Mexico, Brazil, and Chile.
The Series B was led by US funds F-Prime and ParaFi and supported by DRW Venture Capital, Endeavor Catalyst, Van Eck, Persea VC, Alumni Ventures, and Lambda Class, among others.
Lemon was founded in 2019 by CEO Marcelo Cavazzoli and offers a platform that allows users across Argentina and Peru to buy, sell, and store digital assets, make payments, and access a Visa debit card linked to their crypto holdings.
The company now aims to double its user base from 5 million to 10 million over the next 12 months.
This latest round builds on the $44.1 million Series A funding raised by Lemon, consisting of an initial $16.3 million round in July 2021, led by Kingsway Capital, followed by a $27.8 million extension in 2022, as reported by The Block.
Lemon has now raised $66 million to date, according to a company statement, and forecasts closing the year with a total processed transaction volume of $9.3 billion – a 57% year-on-year increase – with over $160 billion in custodied user assets.
Source: https://www.fintechfutures.com/
