Argentina-based crypto fintech Lemon has secured $20 million in Series B funding, with plans to expand its operations across Latin America to Colombia, Mexico, Brazil, and Chile. The company aims to double its user base to 10 million over the next 12 months.
The Series B round was led by US funds F-Prime and ParaFi. Additional support came from DRW Venture Capital, Endeavor Catalyst, Van Eck, Persea VC, Alumni Ventures, and Lambda Class, among others. This investment brings Lemon’s total funding to $66 million to date.
Founded in 2019 by CEO Marcelo Cavazzoli, Lemon provides a platform enabling users in Argentina and Peru to buy, sell, and store digital assets, make payments, and access a Visa debit card linked to their crypto holdings. The current user base stands at 5 million.
This latest funding follows a $44.1 million Series A round for Lemon. The Series A consisted of an initial $16.3 million in July 2021, led by Kingsway Capital, and a subsequent $27.8 million extension in 2022.
Lemon projects closing the current year with a total processed transaction volume of $9.3 billion, representing a 57% year-on-year increase. The company also expects to manage over $160 billion in custodied user assets.
