Lemon closes a USD$20 million Series B round co-led by F-Prime Capital and ParaFi

Lemon, the dual wallet that enables users to buy and sell crypto with Peruvian soles, has raised a $20 million Series B round co-led by F-Prime Capital and ParaFi. This marks the largest crypto funding round in Latin America in the past three years, signaling renewed investor confidence in the region’s Web3 ecosystem.

A Turning Point for Crypto in Peru

Peru is emerging as one of Latin America’s most dynamic crypto markets, now ranking among the top six countries with the highest crypto transaction volume in the region. Lemon has played a major role in this shift, leveraging improved interoperability between local banks and fintech platforms to make crypto adoption seamless.

“In just one year, more than one million Peruvians joined Lemon, an extraordinary adoption that shows the country’s crypto potential,” said Marcelo Cavazzoli, Founder and CEO of Lemon. “This investment will allow us to develop new products and keep growing in a market that welcomed us from the very beginning.”

Global Investors Back Lemon’s Regional Expansion

The Series B round drew participation from top-tier global investors, including:

• DRW Venture Capital, a multi-stage investor in fintech and tech firms.
• Endeavor Catalyst, chaired by Reid Hoffman, co-founder of LinkedIn.
• Van Eck VC, with over $130 billion in assets under management.
• Persea VC, led by Germán Pugliese, co-founder of the Argentine unicorn Technisys.
• Alumni Ventures
• Lambda Class
• Stani Kulechov, founder of DeFi protocol AAVE.

“We believe the next wave of retail fintechs will deeply integrate digital assets and blockchain technology,” said F-Prime Capital. “Lemon is at the forefront of this vision in Latin America, offering essential financial services through an intuitive, low-cost app.”

Joshua Solesbury of ParaFi added: “Lemon is tackling a generational opportunity to reinvent retail financial services in Latin America, focusing on user experience and accessibility in a young, mobile-first region.”

“From offering crypto access to enabling DeFi and card payments, Lemon is clearly redefining financial experiences across the region,” said Juan López, VanEck VC.

“They’re building something that truly works for Latin Americans, on-chain, simple, and trustworthy,” emphasized Federico Carrone, founder of Lambda Class.

Strengthening Peru’s Crypto Ecosystem

Lemon became the first crypto fintech to achieve full interoperability in Peru, enabling users to send and receive soles instantly between banks and Lemon wallets using just a phone number or CCI.

With the new capital, Lemon plans to expand in three main areas:

• Local talent: growing its teams in operations, marketing, and tech.
• New products: expanding Lemon Earn, offering more yield protocols in digital dollars and other crypto assets tailored for Peruvian users.
• Infrastructure: enhancing user experience and transaction security.

The flagship Lemon Visa Card remains a cornerstone product, allowing users to pay in soles while earning automatic Bitcoin cashback on every purchase. Over 150,000 cards have been issued in Peru, and the company has delivered more than $30 million in cashback across Latin America since 2021.

The Most Used Crypto App in Peru

Lemon leads the retail crypto market in Argentina and Peru, with a combined 5 million users and over 1 million monthly active users across both countries. 

The company projects to process over $9 billion in transactions by 2025, a 57% year-over-year increase, while holding $160 million in user assets, all auditable in real time via its proof-of-reserves system.

Building on its success in Peru, Lemon plans to expand into Colombia, Mexico, Chile, and Brazil, targeting 10 million users over the next 12 months.

A Signal of Renewal for Latin America’s Crypto Landscape

Lemon’s $20 million Series B not only strengthens its presence in Peru but also signals a new phase of investor confidence in Latin American crypto innovation. By combining transparency, usability, and cross-border scalability, Lemon is setting the foundation for the next generation of financial services in the region.