LemFi Secures $53M to Expand Cross-Border Remittance Services into Europe
LemFi, a Nigerian fintech company specializing in cross-border remittance services, has raised $53 million in a funding round led by Left Lane Capital, with additional participation from Y Combinator, Palm Drive Capital, and new investors like Endeavor Catalyst, bringing LemFi’s total funding to $85 million, according to TechCrunch.
The fintech startup disclosed the funding to extend its offerings, scale its payment network licenses and partnerships to provide hyper-localized service, and recruit talent for its next growth phase.
“Our mission is to redefine how money moves across borders. This funding allows us to extend our impact to even more communities, providing Africans abroad with seamless and affordable financial solutions”, said CEO and co-founder Ridwan Olalere.
“While regulations market by market remain complex and we have more stakeholders to deal with, scaling has become a lot easier for us because we have technology that is adaptable and can easily plug and play to different payment methods and schemes. So, we intend to go to as many markets as we have a significant number of immigrants, starting now with Europe this year, which is going to be a big focus for us”, he added.
Founded in 2020 by Ridwan Olalere and Rian Cochran, LemFi offers a platform designed for the African diaspora, enabling users to hold, send, and receive money in multiple currencies. The platform differentiates itself with competitive exchange rates, zero transaction fees, and instant transfers, aiming to address the high costs and delays commonly associated with international money transfers.
In 2023, LemFi secured $33 million to support its entry into key markets such as China, India, and Pakistan. The latest funding round will facilitate the company’s strategic expansion into Europe, targeting markets like the United Kingdom and Germany, home to significant African immigrant populations.
LemFi’s success reflects a commitment to innovation, customer-centricity, and strategic market entry. As it scales its operations and enters new markets, the company aims to solidify its position as a key player in the fintech industry.
