Lemon

Lemon Cash operates as a financial technology platform in Latin America, focusing on bridging the gap between traditional finance and the world of cryptocurrency. The company was founded in Argentina in 2019 by Marcelo Cavazzoli, who serves as the CEO, along with Borja Martel Seward and Alan Boryszanski. Cavazzoli, a computer engineering graduate from the University of Buenos Aires, began programming at age 12 and has founded several startups. His journey into merging retail and blockchain was catalyzed after winning an ETHGlobal LATAM hackathon award in 2018.

The firm primarily targets users throughout Latin America, offering a digital wallet that facilitates the buying, selling, and managing of over 30 cryptocurrencies, including Bitcoin and Ethereum. Its business model revolves around transaction fees for cryptocurrency trades. A key product is the VISA Lemon Card, an international prepaid card that allows users to pay with both Argentine pesos and crypto, offering cashback in Bitcoin for every purchase. This card, along with the ability to pay for over 4,000 services through the app, enhances user engagement and provides an additional revenue stream. The platform also enables users to earn weekly profits on their crypto holdings through its Lemon Earn feature, which connects to decentralized finance (DeFi) protocols.

Lemon Cash's strategy involves simplifying the user experience to encourage broader adoption of cryptocurrencies. The company provides educational resources, including a free crypto course, to help onboard individuals new to the digital asset space. Initially, the team tested their payment solution by personally visiting merchants in the small city of San Martin de Los Andes. This grassroots approach has contributed to significant growth, with the platform attracting over 3.5 million users across Latin America. The company has secured substantial funding, including a $16.3 million Series A round in July 2021 and a subsequent $27.8 million round in November 2022, to fuel its expansion into other markets like Peru, Chile, Colombia, Ecuador, and Uruguay.

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