Argentinian Crypto Exchange Lemon Raises $16M to Expand in Latin America

Lemon, an Argentina-based crypto exchange, raised $16.3 million in a Series A round led by British fund Kingsway Capital, it announced Tuesday.

Part of the money will be used to expand its operations in Latin America this year and 2022, including Chile, Colombia, Ecuador, Peru and Uruguay, CEO Marcelo Cavazzoli told CoinDesk.

The CEO declined to comment on whether Lemon plans to acquire any companies immediately.

In addition to Kingsway Capital, Draper Associates, Valor Capital, Cadenza Capital Management, Draper Cygnus, Coinbase Ventures and Supervielle participated in the round, Cavazzoli said.

The company last raised a $1 million seed series led by Draper University and Draper Cygnus in 2020, in which Silent Unicorn and Amagis Capital also participated.

According to Cavazzoli, the company’s latest raise will give it enough funds to continue operations through 2022.

Lemon plans to launch a crypto card in conjunction with Visa in October, while it works on DeFi lending, borrowing and trading products, Cavazzoli said.

The company, which currently has 35 employees, will use part of the money to double its team by 2021, mainly in Argentina, the CEO said. Cavazolli did not provide data on revenues or active clients, although he stated that 60,000 people are on the waiting list to receive the crypto card to be launched in October.

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