French paytech Lemonway has “certain limitations” placed on its operations in Italy by Banca d’Italia
France-headquartered payment services provider Lemonway says it has had “certain limitations” placed on its operations in Italy by the country’s central bank, Banca d’Italia.
Lemonway has “certain limitations” placed on its operations in Italy
Specifically, Lemonway writes in a note on its website that the central bank has told the company it “should not engage new Italian partners, offer new products and services to customers and – but only to the extent that shall be indicated by the Bank of Italy by 31 October 2024 – open new payment accounts for customers that carry out transactions over platforms operated by currently affiliated Italian partners”.
“Up until that date, Lemonway can keep opening payment accounts for your customers without restrictions,” the company adds.
The cause of the action by Banca d’Italia has not been disclosed. Lemonway declined to comment on the matter when contacted by FinTech Futures.
Italian media outlet AziendaBanca reports that the limitations do not impact the services currently provided by Lemonway.
Established in Paris in 2007, Lemonway claims to serve over 400 marketplaces with wallet management, payment processing, and third-party payment capabilities. It currently manages more than 1.3 million wallets and has raised €50 million in venture capital to date.
The company announced the appointments of Céline Bayer and Nicolas Vigier as CTO and CFO respectively last May.
