Exciting news from the financial frontier: LemFi, the innovative fintech platform trusted by immigrant communities worldwide, has just completed a successful $53 million Series B funding round.
LemFi Co-founders: Ridwan Olalere and Rian Cochran. Photo credit: LemFi
With this significant financial boost, LemFi is poised to expand its reach, starting with an ambitious European expansion by acquiring a local firm.
This funding round was completed in just four months, led by existing partners like Left Lane Capital, Palm Drive Capital, and Y Combinator and new investors such as Endeavour Catalyst. It brings LemFi’s total funding to an impressive $85 million.
LemFi, co-founded by the visionary Ridwan Olalere and CFO Rian Cochran in 2021, has already demonstrated adaptability and resilience by offering remittance services to African immigrants across 22 countries.
The company plans to use this investment to enhance its product offerings, scale its payment network licenses and partnerships, and recruit industry-leading talent for its next growth phase.
With a dedicated team of over 300 employees across Europe, North America, Africa, and Asia, LemFi is committed to providing localised services to meet the needs of its expanding customer base.
Its AI-driven technology platform, which facilitates various payment methods, ensures the seamless movement of money across borders.
Starting as a remittance service, LemFi has grown to offer multi-currency accounts that enable users to send and receive money globally at minimal costs.
The London-based firm operates in 27 send-from markets and 20 send-to countries, including China, India, Kenya, Nigeria, and Pakistan.
This new funding round marks a pivotal moment for LemFi, setting the stage to acquire more customers, broaden its footprint, and bring revolutionary financial services to even more countries.
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Through this, LemFi continues to solidify its position as a leader in the remittance and financial services space.
