The PayGreen team, which includes the company’s three co-founders, will join Lemonway to form its new e-commerce department. Credit: PeopleImages.com – Yuri A/ Shutterstock.

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. 

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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.  

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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.