THE FOLD ADVISES LIMEPAY ON ITS PRE-IPO CAPITAL RAISING.

Limepay is Australia’s first enterprise payments fintech to launch a merchant-branded platform that seamlessly integrates online payments and buy now, pay later (BNPL) functionality to provide a native and frictionless customer experience. Unlike third-party BNPL services, Limepay enables merchants to retain ownership of their customer relationships and data, coupled with a checkout experience that increases conversion rates and lifetime customer value.

The Fold Legal advised Limepay on its recent pre-IPO capital raising, together with Herbert Smith Freehills. Limepay raised approximately $21m in what is considered to be Australia’s biggest pre-IPO raising for 2020. The raise was for the issue of convertible notes to new and existing investors including institutional investors. It brings Limepay’s total funding to nearly $30 million within one year of its initial seed funding completed in December 2019.

Funds raised will provide Limepay with the balance sheet liquidity and operational flexibility to execute its immediate and short-term business objectives. Limepay aims to pursue an IPO in the second half of 2021, subject to prevailing market conditions.

The Fold’s pre-IPO team was led by Katie Johnston and Charmian Holmes and the Herbert Smith Freehills team was led by Peter Dunne and Elizabeth Henderson.

Charmian Holmes said, “We are privileged to support Limepay with this significant raise that will help drive their growth plans. Collaborating with fintechs like Limepay allows us to be at the forefront of innovation in financial services.”

Tim Dwyer, co-founder and CEO of Limepay said, “We believe the support and strong interest received from investors in our pre-IPO raise is testament to Limepay’s differentiated offering, which is unique in the global BNPL market. The raise is understood to be one of the largest fintech pre-IPOs completed in the Australian market. It is also anticipated to potentially grow further as we continue discussions with additional institutional and strategic investors. We were extremely grateful to have The Fold advising us towards achieving such a successful capital raise that will be instrumental in helping us to achieve our next phase of growth and expansion.”

Limepay (www.limepay.com.au) is Australia’s first enterprise payments fintech to launch a merchant-branded platform that seamlessly integrates online payments and buy now, pay later (BNPL) functionality to provide a native and frictionless customer experience. Unlike third-party BNPL services, Limepay enables merchants to retain ownership of their customer relationships and data, coupled with a checkout experience that increases conversion rates and lifetime customer value.

Limepay’s investors, board, advisory and leadership team include current and former C-suite executives from Zip Co, PayPal, Accor, Deputy, Telstra, CBA, Google, Equifax, and PwC. It has already built native integrations with Adobe’s Magento and WooCommerce platforms and has millions of dollars transacting through its pipes.

December 2020