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LemFi, a fintech platform dedicated to providing financial services for immigrant communities, has raised $53 million in a Series B funding round led by Highland Europe.
This investment brings LemFi’s total capital raised to $85 million, following a $33 million Series A round in August 2023.
Founded in 2021 by Ridwan Olalere and Rian Cochran, LemFi offers a range of financial services tailored for immigrants, including multi-currency accounts, physical and virtual cards, and cross-border money transfers. The platform enables users to send and receive money globally, reliably, and at a low cost. With over one million users across Europe and North America, LemFi has recently surpassed $1 billion in monthly transactions.
The new funding will support LemFi’s expansion into Europe, including the acquisition of a European firm to facilitate independent operations in the region. This strategic move aims to enhance localized services and extend the platform’s reach to a broader customer base.
Ridwan Olalere, co-founder and CEO of LemFi, expressed enthusiasm about the investment:
“This new funding will support us in our mission to build the financial services hub for immigrants globally, from adding new features to expanding to new countries.”
Sam Brooks, Partner at Highland Europe, highlighted the company’s growth and mission:
“LemFi’s mission to provide trusted, reliable access to financial services for immigrant communities has inspired an incredibly loyal customer base and has generated impressive growth over the past several years.”
The remittance market remains a crucial lifeline for emerging economies, with inflows surpassing $669 billion in 2023, according to World Bank data. LemFi’s innovative approach addresses the challenges of traditional remittance services, offering a more efficient and cost-effective solution for immigrants sending money to their home countries.
With this significant investment, LemFi is poised to enhance its platform, expand its services, and continue its mission to empower immigrant communities through accessible and reliable financial solutions.
Read more on Tech Gist Africa:
Field, a Nigerian healthtech company, has raised $11 million in funding
Kredete, a Nigerian fintech startup, has secured $2.25 million in seed funding
Waza, a Nigerian B2B payment startup, has secured $8 million in funding
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