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Limepay advised on pre-IPO capital raising
Herbert Smith Freehills and The Fold Legal have assisted Limepay on a pre-IPO capital raising.
Emma Musgrave
Firms: Herbert Smith Freehills (Limepay); The Fold Legal (Limepay).
Value: $21 million.
Area: Venture capital.
Key players: The Herbert Smith Freehills team was led by partner and head of venture capital Peter Dunne, co-head of venture capital (Australia) Elizabeth Henderson, and solicitors Lisa Alderson and Lara Howden. The Fold Legal team was led by Katie Johnston.
Deal significance: According to a statement provided by HSF, 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 firm said.
“The new capital is expected to bring Limepay’s total funding to nearly A$30 million within one year of its initial seed funding completed in December 2019. It will be employed to fund the continued rapid growth and expansion of the company with a focus on sales, marketing and partnerships and product development and expansion.”
Commenting further, Ms Henderson said: “Limepay is a great example of the strength of Australian companies in fintech. Closing one of the largest fintech pre-IPO capital raisings is a testament to the quality of Limepay’s product and its team. We were pleased to be able to be part of the company’s journey and success.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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