Fintech start-up Lemonero, provider of an AI-based embedded finance platform for e-commerce, announces a substantial investment provided by Societe Generale group member Komerční banka.
The investment will allow Lemonero to expand in Western and Eastern Europe and develop new products. Last year, Lemonero was awarded by SME Banking Club as the best digital lending platform for the SME market in the CEE market and today the company cooperates with hundreds of online stores in the CEE market and granted loans worth tens of millions of euros.
“Lemonero’s main objective is to support small and medium-sized online shops with capital that will help them grow and avoid unnecessary bankruptcies. Today, we know that up to 60% of e-commerce players collapse prematurely due to lack or unavailability of external capital. We have successfully shown in the Czech Republic and Slovakia that Lemonero works and contributes to the growth not only of online stores, but of the entire e-commerce market. Now we will realize this vision in Europe with the support of Societe Generale Group”, comments Jan Laštůvka, Founder and CEO of Lemonero, about the successful financing round.
Lemonero will leverage the investment, which is a combination of equity and debt financing, to expand into overseas markets. First, the company will head to France and the Netherlands and plans to enter the DACH region and Eastern European countries.
Lemonero provides a unique digital lending solution driven by artificial intelligence and machine learning. Specializing in e-commerce and the omnichannel marketplace, Lemonero can provide growth capital even to SMEs that are unable to reach it from traditional lending institutions. Moreover, the whole process is handled online and takes no more than ten minutes. At the same time, Lemonero is working on the development of a new product to help its customers improve their cash management.
“We are able to make the path to growth capital more accessible and easier for small and medium-sized businesses by using artificial intelligence. Our clients can arrange financing in ten minutes, completely online and use the money immediately for purchasing inventory or marketing investment.Over 70% of our customers come back to us repeatedly, and this is the main indicator of quality and satisfaction.That’s why we believe in our success future in Europe”, adds Jan Laštůvka.
“In less than three years of existence, Lemonero has proven to be a unique and above all functional business model with great potential. At KB SmartSolutions, we are happy to support the growth and expansion of Lemonero in the European market of e-commerce digital finance. This financial investment will mainly be used for expansion in France and the Netherlands, and in the near future also in the DACH region and Eastern Europe. Our partnership also contributes to the transformation of Komerční banka into a digital bank”, says Patrik Nový, Director of KB SmartSolutions which also belongs to the Société Générale Group.