LemFi, a London-based fintech platform tailored to serve immigrant communities, has raised $53 million in a Series B funding round led by Highland Europe. With this investment, LemFi plans to deepen its European footprint, enhance fraud detection systems, and scale its hyper-localized financial services globally.
What is LemFi?
Founded in 2020 by Ridwan Olalere (CEO) and Rian Cochran (CFO), LemFi offers multi-currency accounts and remittance services specifically designed for diaspora communities. With over one million active users, the platform facilitates secure, affordable money transfers to emerging markets across Africa, Asia, and Latin America, supporting 27 send-from and 20 send-to countries, including Nigeria, Kenya, India, China, and Pakistan.
Expanding Across Europe
Last week, LemFi announced a partnership with embedded finance provider Modulr, enabling the company to launch European operations until it finalizes licensing next month through the acquisition of a Republic of Ireland-based firm. This expansion will allow LemFi to better serve immigrant communities in Europe, a key focus area for its growth strategy.
How Will the $53M Be Used?
LemFi plans to use the newly secured funding to:
- Scale Operations: Launch services in additional regions with large immigrant populations.
- Enhance Security: Strengthen fraud detection systems to maintain low costs and build customer trust.
- Improve Technology: Develop more adaptable tech to integrate with various payment methods and schemes.
- Hyper-Localized Services: Tailor offerings to meet the unique needs of local immigrant communities.
- Expand Team: Hire top talent across Europe, North America, Africa, and Asia.
“Our mission is to empower immigrants by giving them the financial tools they need to thrive. This funding allows us to scale faster, innovate further, and serve our communities better,” said Ridwan Olalere, LemFi’s CEO.
A Proven Impact on Immigrant Communities
LemFi’s focus on affordability, security, and accessibility has driven remarkable growth:
- Transaction Growth: The company now processes $1 billion monthly, a significant jump from $2 billion annually in 2023.
- Loyal Customer Base: 70% of LemFi’s earliest users remain active, and 60% of its overall customers use the platform annually.
- Asian Corridor Success: Transactions in Asia hit $160 million monthly and grow at 30% month-on-month.
LemFi’s low fraud rate, achieved through advanced detection systems, has been instrumental in offering competitive pricing while protecting users—further solidifying its reputation as a trusted platform.
Investors Backing the Vision
The $53 million Series B round was led by Highland Europe and supported by existing investors Left Lane Capital, Palm Drive Capital, and Y Combinator, as well as new participants like Endeavor Catalyst. With $85 million raised to date, LemFi is poised to accelerate its impact on the global remittance market.
Building a Financially Inclusive Future
As global remittance flows exceeded $669 billion in 2023, platforms like LemFi are playing a crucial role in reshaping financial services for immigrant communities. The company’s European expansion, coupled with its focus on hyper-localized services, underscores its commitment to addressing the unique needs of diaspora populations.
With its innovative approach, LemFi exemplifies how fintech can bridge financial gaps, empower immigrant communities, and redefine the remittance experience globally.
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