Manchester-based fintech Lemon secures £500K pre-seed investment for its SaaS savings platform

Manchester-based fintech Lemon secures £500K pre-seed investment for its SaaS savings platform

Published: 13-05-2024 16:02:00 | By: Pie Kamau | hits: 931 | Tags:

Manchester-based fintech Lemon, announced the successful closing of £500K pre-seed funding round led by the UK's active investor SFC Capital and supported by European early-stage specialist Pitchdrive. This investment propels Lemon forward in developing its robust platform aimed at helping SMBs to manage and reduce their SaaS costs effectively.

With the backing of prominent investors, including angel investors such as Nick Dodd, ex Partner of Debt Advisory at KPMG, and a co-founder of SkyParlour, Lemon is poised for the next phase of its product development. The platform promises SMBs an average of 20% savings on their SaaS expenditure by providing a comprehensive subscription management tool that integrates finance and control features.

Matt Bird, Co-founder and CEO, Lemon: "In these tough economic times, SMBs are searching for cost-effective tools to enhance their operations. With software as a major expense, we believe Lemon will play an integral role in how SMBs utilize SaaS. We're thrilled to have the backing and expertise of SFC Capital and Pitchdrive on this journey."

The funding boost comes at a critical time, demonstrating the market's confidence in new fintech solutions that address the needs of businesses globally, despite an economic downturn affecting fintech investment trends. Lemon's subscription management tool is especially timely, as it offers a strategic way for SMBs to cut costs on essential software services in HR, marketing, and accounting.

With the capital injection, Lemon is set to enhance its product offerings, guided by new CTO, Matt Parke, and the soon-to-be-appointed Content & Community Manager. Lemon’s roadmap includes the introduction of instant credit options that enable SMBs to benefit from discounted annual subscriptions while maintaining monthly payment flexibility.

Edward Stevenson,  SFC Capital: "Lemon's ability to minimize SaaS expenses and streamline subscription management is essential for businesses. Their potential to become a leading force with forthcoming features like instant credit, analytics, and discoverability is something we're excited to support."

Koen Christiaens, Pitchdrive: "Lemon’s vision for transforming SMB subscription management is compelling. The combination of a comprehensive spending overview and sustainable financial options positions Lemon to make a significant impact on the SaaS industry."

www.spendlemon.com
www.pitchdrive.com

 

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