Lemfi Acquires Irish Firm to Expand Remittance Services in Europe
TLDR
- Lemfi has acquired Irish currency exchange platform Bureau Buttercrane
- The acquisition ensures regulatory compliance post-Brexit
- The company previously partnered with Dutch firm Modulr Finance to operate in Europe
Lemfi, a remittance platform for immigrants operating in 22 countries, has acquired Irish currency exchange platform Bureau Buttercrane. The deal, approved by the Central Bank of Ireland, grants Lemfi an Irish license, allowing it to operate across the European Economic Area (EEA) via passporting.
The acquisition ensures regulatory compliance post-Brexit. Lemfi already holds a UK license from its 2021 purchase of RightCard but couldn’t process European transactions directly. The company previously partnered with Dutch firm Modulr Finance to operate in Europe while awaiting Irish approval.
Lemfi plans to establish Dublin as its European headquarters, hire local staff, and expand its presence in the $64 billion European remittance market. The company processes $1 billion in monthly payment volume and aims to integrate local payment methods to optimize regional growth.
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Key Takeaways
Lemfi’s strategic acquisition highlights the growing complexity of cross-border payments in a fragmented European landscape. Post-Brexit, remittance firms need multiple regulatory approvals to operate seamlessly. The Irish license positions Lemfi for broader European access, eliminating reliance on third-party providers. Expansion is critical in the remittance sector, where market reach determines revenue potential. By increasing payment corridors, Lemfi enhances customer retention and diversifies its revenue base. Competing in Europe requires adapting to varied payment methods—like France’s “Carte Bancaire”—which Lemfi acknowledges as a priority. With a $53 million Series B funding round and a strong track record in Asia and Africa, Lemfi is positioning itself as a key challenger in the European remittance market. Success will depend on regulatory adaptability, payment method integration, and aggressive market penetration.
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