Lemon Way takes on Stripe with new e-commerce payments solution
Lemon Way keen to rival Stripe in Europe
French fintech Lemon Way has launched an e-commerce payment solution across seven countries in Europe to rival Stripe.
Now that it has “conquered” the crowdfunding and marketplaces markets, Lemon Way says it “is going after the e-commerce market, with the help of Google and Prestashop”.
Google will accept Lemon Way in its accelerator and provide new artificial intelligence (AI) solutions to optimise the onboarding campaigns. Prestashop, a marketplace for e-commerce sites in Europe, will promote the new payment solution.
On the banking side, Lemon Way works with BNP Paribas, CM CIC, Banco Sabadell and Barclays.
The new payment solution covers France, Germany, Spain, Italy and the Benelux countries. “In less than a month, more than 1,000 e-commerce businesses from seven nationalities have joined the 11,000 businesses already served by Lemon Way,” the vendor says.
“Automatisation, speed, competitive pricing and a dedicated team” are the key contributors to the success, Lemon Way believes.
Clients can sign up online “in just a few clicks”, 24×7. They can start receiving payments “in less than five minutes” after creating their account.
An average of 1% commission is taken on the flows collected based on the turnover.
If the current rate of recruitment continues, Lemon Way expects 40,000 e-commerce sites to be equipped with its solution by the end of 2017.
Lemon Way was set up in 2007 and is based in in the outskirts of Paris at Montreuil. It received its payment institution accreditation in 2012 and now has a financial passport for 29 countries. The company employs 80 people. It has offices in London, Dakar, Munich, Barcelona and Turin.
Lemon Way has opened 2.6 million accounts to date, and attained €7 million in turnover in 2016. It aims to reach €15 million in 2017.
