LemFi Expands to Egypt in Race for $30B Remittance Market

STARTUP VENTURE CAPITALJuly 10, 2025 at 9:26 AM UTC

TLDR

London-based international payments startup LemFi has announced the launch of its services in Egypt, extending its reach across North Africa
The expansion targets the Egyptian diaspora in the U.S., U.K., Canada, and Europe, offering low-cost, reliable money transfers
Egypt is one of Africa’s top remittance destinations, with funds sent home accounting for over 6% of GDP in 2023

London-based international payments startup LemFi has announced the launch of its services in Egypt, extending its reach across North Africa. The expansion targets the Egyptian diaspora in the U.S., U.K., Canada, and Europe, offering low-cost, reliable money transfers to a country that received $29.6 billion in remittances in 2024.

Egypt is one of Africa’s top remittance destinations, with funds sent home accounting for over 6% of GDP in 2023. LemFi’s entry into the Egyptian market complements its existing services to the Moroccan and Tunisian diaspora and aligns with the region’s increasing adoption of digital payments.

“Egypt’s significance as a remittance destination cannot be understated,” said Philip Daniel, LemFi’s Head of Global Expansion. “The Egyptian diaspora deserves quality service, and that’s what LemFi offers.”

Founded in 2020, LemFi now supports over 2 million customers globally and raised $53 million in Series B funding in January 2025, led by Highland Europe, LeftLane Capital, Endeavour Capital, and Y Combinator.

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Key Takeaways

LemFi’s launch in Egypt marks a strategic move to capture one of Africa’s most important remittance corridors. With remittance flows to Egypt nearly doubling in 2024, fintech firms offering competitive rates and fast transfers are well-positioned to serve a growing base of globally dispersed workers. Egypt’s financial reforms and rising digital adoption create favorable conditions for cross-border payment platforms. For LemFi, Egypt is not only a high-volume corridor but also a gateway into North Africa’s broader fintech opportunity, where remittances, mobile penetration, and regulatory openness intersect. With its infrastructure already serving major global sending markets, LemFi can now deepen engagement with the Egyptian diaspora, a demographic historically underserved by legacy money transfer operators. This move underscores how African fintechs are shifting from regional players to global infrastructure providers for diaspora finance.

Startups

Egypt

Expansion

Fintech

LemFi

Remittances