London-based FinTech startup that helps firms in the private equity and financial services industries digitise complex accounting LemonEdge landed $2.5m in new capital.
The oversubscribed round was led by Sidekick Partners and joined by founder of Parse and Scribd Tikhon Bernstam as well as founder of Investra Lauren Iaslovits.
LemonEdge founders Gareth Hewitt and Jamie Nascimento aim to use the funding to boost recruitment across all teams including development, implementation and sales in the company’s London and New York offices.
LemonEdge – formerly LemonTree Software – offers a low-code development platform that allows businesses to digitise accounting, older legacy systems and spreadsheets.
LemonEdge’s platform automates the time-consuming tasks required for shadow accounting, LP specific performance calculations and fund administration. Analysis that typically require days or weeks on legacy platforms can be completed in seconds using LemonEdge’s platform.
According to Nascimento, LemonEdge helps drive informed decision-making with the “future of tailored and complete accounting solutions.” “Our customers are the next generation of financial services professionals who have grown up in an ever-smarter and more connected world – they expect solutions which not only match their needs, but empower their capabilities,” he continued.
Given that the Global Financial Services Application Software Market is worth $144bn and expected to grow by 8% by 2025, it’s easy to see how modern technology platforms will be at the heart of this transformation. In addition, it’s predicted that by 2024, 67% of the medium and large organisations will be using low-code tools to speed up application delivery at reduced costs.
Commenting on the firm’s platform, Hewitt said, “For more than 20 years, I’ve seen an astonishing amount of financial data inside legacy applications or spreadsheets that do not communicate and that are insecure. LemonEdge’s low-code platform delivers the next generation of private equity performance and accounting software, without dependence on workarounds. LemonEdge is 10x faster to develop and deploy, and it is scalable, adaptable, and secure.”
Sharing the bullishness in the firm, Iaslovits said, “LemonEdge brings a complete no- and low-code solution to the challenges of general ledger accounting for the private capital market. The ability to simulate scenarios without risking reporting data is fundamentally empowering, and I can see clear benefit to fund administrators in terms of cost and time saving in the enterprise data space. This is the natural evolution of private capital technology, driven by a dynamic team.”
Bernstam added, “LemonEdge is the first instance of proper low-code, platform-led software to address the needs and development challenges faced by financial services. The ability to rapidly deploy off-the-shelf solutions, and to empower a 10x reduction in development time, will open up this hugely under-served segment in the same way that low-code platforms empowered the mobile software boom.”
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