The Bank of Italy has imposed a restriction on Lemonway, a pan-European payment institution dedicated to marketplaces, preventing the company from initiating new operations within Italy, according to The Paypers.
Specifically, this ban affects Lemonway’s ability to enter into agreements with new partners for the provision of payment services via related platforms, offer new products and services to customers, and open new payment accounts. However, the restriction on opening new accounts applies only in cases where the Bank of Italy will provide specific instructions to Lemonway by 31 October 2024.
These measures only apply to future customers and do not affect current accounts or services. Lemonway will continue to operate existing services, including wallet top-ups, fund withdrawals, and financing operations, without interruption.
Lemonway is a pan-European payment institution dedicated to marketplaces B2B, B2C, C2C and alternative finance platforms looking for payment processing, wallet management and third-party payments with adequate anti-money laundering (AML) and customer verification (KYC). Lemonway is authorized and regulated by the ACPR (Autorité de Contrôle Prudentiel et de Résolution) and benefits from the “EU financial passport” in 28 countries. The company is based in Paris (HQ) and Hamburg.
400 platforms trust Lemonway of which 200 alternative finance platforms. To date, Lemonway has opened 1,3 million wallets for platform operators and raised €50 million from three investment funds, Breega, Speedinvest and Toscafund.
In 2023, the company processed a business volume of 9.6 billion euros, representing a growth of 24% compared to 2022. The fintech company aims to reach a transaction volume of 12 billion euros in 2024 (+25%).
In 2023, Lemonway has successfully capitalised on its growth momentum, with revenues doubling from €16m to €32m in just one year, with a net income rising to €5m. This upward trajectory has enabled the company to break even and to self-finance its regulatory capital requirements.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
