Low-code accounting platform LemonEdge has bagged $4m from a funding round led by Blackstone Innovation Investments.
The round also saw participation from Sidekick Partners, Lauren Iaslovits and Tikhon Bernstam. Following this raise, LemonEdge has raised a total of $7m since inception.
LemonEdge claims it enables private capital firms to automate and digitise their end-to-end complex accounting processes. The company added it combines a financial engine alongside a customisable low-code platform with a suite of advanced reporting and scenario tools.
LemonEdge CEO and co-founder Gareth Hewitt said, “We’re delighted to bring Blackstone into our round and have the support of such prestigious investors who similarly recognise the need for such a generational shift. Blackstone has unique insight into a diverse range of asset classes and understands the technology problems in the industry today. They’re a natural fit to have on board and as a strategic partner, will help us solve the market challenges currently restricting Private Capital firms from reaching their full potential.”
LemonEdge CCO and co-founder Jamie Nascimento added, “The growing requirement by Private Capital firms to have the highest efficiencies, while dealing with complexity in an agile manner is becoming more of a prerequisite for staying ahead in the market. Firms are looking for ways to deliver efficient, accurate content to clients with the goal to ultimately provide the highest level of client service in a timely manner. There is no longer the leeway to process calculations outside of systems, manually post multiple transactions, or run separate solutions for the end-to-end accounting and middle office.”
Copyright © 2022 FinTech Global