← Embedded Finance Index 2026

Lemon Cash

Can a crypto-first wallet become the de facto consumer financial super-app for Latin America by stacking fiat rails, cards, yield, and a mini-app distribution layer on top of stablecoin custody?

Founded2019
HQBuenos Aires, Argentina
FoundersMarcelo Cavazzoli
Total raised$65.15M
Latest roundSeries B-II, ~$20M
IndustryFintech / Crypto
The story

Lemon launched in 2019 as a crypto wallet for Argentine retail users, then built outward into adjacent fiat rails — local-currency accounts, a VISA prepaid card, international transfers, daily yields on pesos/dollars, and tokenized equity exposure to companies like Apple/Tesla. Through 2024–2025 it expanded across LATAM via country-specific licensed entities (Digifin in Argentina, Lanin Pay in Peru/Chile, Lemon IP in Brazil) and pivoted from a pure crypto exchange toward a 'super-app' positioning ('No es un banco, es Lemon') with a Mini-Apps SDK that turns Lemon into a distribution platform for other fintech builders in the region.

Last 12 months
2025
2025-02
2025-10
2025
Product timeline
2019
Lemon Cash founded in Buenos Aires by Marcelo Cavazzoli as a crypto wallet for LATAM users.· pivot
2022
Launched VISA Lemon Card prepaid international card with Bitcoin cashback.· card
2024
Reached 4M+ validated users, 2M+ VISA cards issued, US$9.3B processed.· banking
2024
Expanded into Brazil via Lemon Instituição de Pagamento with Dock as card/payment infrastructure.· banking
2025
Launched Mini-Apps SDK, opening Lemon as a fintech platform/distribution layer in LATAM.· pivot
2025
Series B-II $20M round; expansion into Chile (Lanin Pay SpA) and Peru.· pivot
Regulated entities
5
regulatory licences held by Lemon Cash
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
4 layers disclosed in Lemon Cash’s embedded-finance stack
Payments / PSP
Lemon Pay (self-operated)VISA Lemon Card (prepaid, self-issued via partners)QR payments Argentina/Brazil (self-operated)
Banking / BaaS
in the full report
Card issuing
in the full report
Crypto
in the full report
Accounting gap: minor
3 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.