Lemon raises $20 million in Series B to accelerate expansion in Latin America

Buenos Aires, October 8th.– Lemon, the Argentine crypto fintech founded in 2019 by Marcelo Cavazzoli, has closed a $20 million Series B funding round, led by U.S. funds F-Prime and ParaFi. 

According to the Lemon Crypto Report, released earlier this year, Argentina leads in crypto adoption, with 2.4% of its population as daily active users compared to just 0.4% across Latin America. If the region follows Argentina’s pace, over 150 million new crypto accounts could be opened within the next three years.

“The new financial system will be global and will use crypto as its infrastructure. We have created the gateway in Argentina and Peru; now we’re expanding across all of Latin America.”, affirms Marcelo Cavazzoli, Founder and CEO of Lemon.

The round also saw participation from high-profile investors such as:

• DRW Venture Capital: a stage-agnostic investor in financial and enterprise technology firms.

• Endeavor Catalyst, chaired by Reid Hoffman, co-founder of LinkedIn.

• Van Eck VC, a global investment firm with over $130 billion assets under management.

• Persea VC, led by Germán Pugliese, co-founder of the Argentine unicorn Technisys.

• Alumni Ventures.

• Lambda Class.

• Stani Kulechov, founder of the decentralized finance protocol AAVE. 

This is the first funding round of this magnitude for a crypto company in Latin America since the last market downturn, highlighting renewed investor interest in the ecosystem and validating the scalable business model that Lemon has established in the region.

Regional expansion plan

With this new capital injection, Lemon will launch operations in Colombia, Mexico, Brazil and Chile, aiming to reach 10 million users within the next 12 months. 

The strategy is based on the success of its expansion into Peru, where in less than a year, the company reached 1 million users and issued over 150,000 VISA cards, consolidating its leadership in the retail crypto market. This experience demonstrated Lemon’s ability to adapt to each country’s culture, regulations, and specific challenges.

"We were fortunate to build a product in Argentina, where crypto adoption started early. Now, as the entire region enters the next phase of adoption, Lemon will be the platform to interact with the new internet.", adds Cavazzoli.

Growth and sustainability

Lemon leads the crypto retail market in Argentina and Peru, with the largest number of active users in the region and nearly 5 million users in total. 

The Series B round follows the successful Series A round raised between 2021 and 2022, bringing the total capital raised by the company since its founding to $66 million.

Operationally, the platform processes an average of more than 7 transactions per second and, in 2025, it forecasts to end the year with a total processed volume of $9.3 billion, a 57% increase year-over-year. Lemon also custodies over $160 million in user assets, backed by publicly auditable reserves in real time. 

In line with its long-term vision, since April 2025, Lemon has also incorporated Bitcoin into its own treasury as a strategic position, reinforcing its belief that the future of money is on-chain.

With this new funding, Lemon begins its next phase of regional growth, reinforcing its vision of building a borderless, transparent, and long-term financial model in Latin America.

Voices from our investors

F-Prime
"We believe the next wave of consumer fintech will involve digital assets and blockchain rails. Lemon is at the forefront of this vision in Latin America, providing core financial services for millions in the region surfaced in a holistic, low cost, and easy-to-use application. For several years, we have seen Marcelo and the Lemon team successfully execute with a customer-first approach, a long-term vision of financial accessibility for all, and an unwavering commitment to transparency and trust. We are thrilled to back the entire Lemon team in their journey to become a pan-LATAM leader in consumer finance."

Para-Fi

"With the cornerstone of finance shifting to stablecoins and cryptoassets, Lemon is tackling a generational opportunity to reimagine and modernize consumer financial services in LatAm. A relentless focus on user experience combined with innovative growth tactics sets the foundation for the company’s expansion beyond Argentina to the rest of the Latin American continent, a region inhabited by a relatively young, mobile-first population in strong demand of new financial offerings. We’re excited to back Marcelo, Maxi, and the entire Lemon team as they continue to build on their notable success to date. " - Joshua Solesbury, ParaFi

Van Eck VC

“We’ve had the opportunity to observe Lemon’s journey from afar over the past few years. From an access point to crypto, to enabling defi products and card payments for millions of users. Ultimately, it’s clear the vision is much greater. To leverage the best of crypto to redefine financial experiences across LATAM. We’re excited to support Marcelo, Maxi, and the Lemon team as they take the next step in their journey. ” - Juan Lopez, Van Eck VC

Persea VC

“I am thrilled to join Lemon’s journey and vision for the future of financial services in LatAm. Sharing that same vision, through PERSEA Ventures, I look forward to contributing my experience and knowledge in their path towards greatness.” - German Pugliese, Persea VC

Lambda

“I’ve seen many fintechs try to simplify finance, but very few manage to earn people’s trust at scale. Lemon Cash is doing both, they’re building something that actually works for real people in Latin America, bringing new users into crypto and steadily adding real on chain functionality that matters.” - Federico Carrone, Founder Lambda Class

Alumni Ventures

“What impresses me most about Lemon is how they’ve been able to grow globally by going local. In every country they enter, they take the time to understand the culture and the real pain points people face, and then they build around that. That’s what makes them stand out”. - Jack Statza, Partner Alumni Ventures