Manchester-based fintech Lemon has successfully secured £500K in pre-seed funding to propel its development.
The round, led by SFC Capital and Pitchdrive, provides more than just financial backing, with experienced investors offering invaluable expertise. Notable angel investors include ex-Partner of Debt Advisory at KPMG, Nick Dodd, and Kimberley Waldron, Co-Founder of fintech communications agency SkyParlour, both joining Lemon’s advisory board.
Lemon’s platform empowers SMBs to manage their SaaS subscriptions efficiently, potentially saving thousands annually. With SMBs often unaware of their significant SaaS expenditure, Lemon offers a solution to consolidate subscriptions, identify overspending, and optimize costs, leading to a potential 20% reduction in expenses. As businesses increasingly rely on software for various functions like HR and accounting, Lemon’s subscription management tool streamlines expenses with minimal effort.
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With the funding secured, Lemon will focus on product development, bolstered by the appointment of a new Chief Technical Officer and a forthcoming Content & Community manager. This stage emphasizes collaboration with early customers to tailor the product to their needs, aiming for early product/market fit and continually reducing SaaS spend for SMBs. Future plans include expanding product functionality to offer instant credit options for SMBs, facilitating discounted annual subscriptions while retaining monthly payment flexibility.
This funding round underscores continued demand for fintech solutions addressing tangible business challenges, despite economic uncertainties. Lemon’s success is particularly noteworthy amid declining funding for SaaS fintechs, highlighting its relevance and potential impact in the market.
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