Payments Fintech Limepay Raises $21 Million in “Pre-IPO Capital”

Payments Fintech Limepay has raised $21 million in what is said to be a pre-IPO funding round. Investors included current backers as well as new high net worth and institutional investors. Ord Minnett acted as lead manager, supported by Prime Financial as corporate and financial adviser to Limepay. The company said it anticipates additional institutional funding in early 2021. Since its seed round in December 2019, Limepay has raised almost $30 million to scale the platform.

Limepay is an Australian enterprise payments Fintech that integrates online payments and Buy Now Pay Later (BNPL) functionality to provide a native customer experience. Unlike third-party BNPL services, Limepay enables merchants to retain ownership of their customer relationships and data, coupled with a checkout experience that increases conversion rates and lifetime customer value.

Limepay recently launched with a series of major retail partners, including EB Games and PUMA.

“The entire Limepay team is very pleased with the success of the pre-IPO raise, and thanks to existing and new investors for participating in the round,” commented co-founder & CEO, Tim Dwyer. “We believe the support and strong interest received from investors is testament to Limepay’s differentiated offering, which is unique in the global BNPL market. Limepay’s unified checkout solution and white-labelled BNPL facility for merchants is well positioned to become a leading and transformative innovation in the digital payments sector.”

Dwyer claims that this funding round is one of the largest Fintech pre-IPO’s completed in the Australian market. An IPO is expected at some point in 2021.

“We currently have several new institutional investors who are still assessing the opportunity,” said Dwyer. “However, as with all we do, we are taking a measured and strategic approach to this raising in seeking out the best possible outcome for our investors as we work towards an eventual IPO. We are very appreciative of all our investors who have shown so much support as we strive to become one of the world’s leading enterprise payments and BNPL companies, and we are excited by the prospect of welcoming additional institutional and strategic investors in the new year.”

Limepay has recently made a series of high profile executive appointments, including former Global Head of Talent Acquisition and Organisational Design – Growth at Zip Co, Claire Alexander, who will join Limepay in December as Head of People & Culture.  Mark Ledsham, currently based in London as CEO of XE.com (part of the Euronet Worldwide Digital Group), will return to Sydney to commence as CFO in January 2021.  Limepay’s board has also been bolstered by the appointment of Willie Pang, CEO at MediaCom Australia, who has taken up an independent Non-Executive Director role.

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