Lemonway buys e-commerce payments firm PayGreen
French payment institution Lemonway has acquired compatriot PayGreen, an e-commerce payment solutions provider, for an undisclosed sum.
The acquisition is aimed at expanding Lemonway's services in the e-commerce space, complementing its current focus on marketplaces and third-party payment processing.
Set up in 2016, PayGreen has carved out a niche in the restaurant, tourism, and leisure sectors.
The Rouen-based firm offers payment solutions, including the acceptance of meal vouchers and holiday cheques.
It also provides tools for online carbon emission calculation and a "round-up" feature that allows customers to donate to charitable projects or offset carbon emissions with each transaction.
PayGreen's 11 employees, which includes its three co-founders, will join Lemonway to form its new e-commerce department.
With Lemonway's status as an ACPR-regulated payment institution, it will also take on the role of PayGreen's payment service provider (PSP), facilitating the company's access to the broader European market.
PayGreen CEO and co-founder Etienne Beaugrand said: 'This acquisition by Lemonway is a tremendous opportunity for us to accelerate our development at the European level.
'It was essential for us to join a French player sharing our values to build together a sovereign European payment champion. Our clients will now benefit from a more robust infrastructure and complementary expertise, giving them access to a complete payment ecosystem.'
The transaction brings to Lemonway a transaction volume of €20m, with €726m generated in payments since its inception, along with a business that is 'EBITDA break-even'.
Lemonway founder and CEO Antoine Orsini stated: 'This acquisition fits perfectly with our trajectory and ambition to become a key payment player in Europe. PayGreen's e-commerce positioning is highly complementary to ours. The combination of the two businesses will greatly enhance our customer offering.'
Lemonway currently operates across approximately 20 countries, serving over 400 platforms.
"Lemonway buys e-commerce payments firm PayGreen " was originally created and published by Electronic Payments International, a GlobalData owned brand.
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