LemFi Secures $53M to Expand Remittance Platform Globally
TLDR
- LemFi, a London-based fintech serving immigrant communities, has raised $53 million in Series B funding to expand its remittance services globally
- Founded in 2020 by Ridwan Olalere and Rian Cochran, LemFi enables users to send money to emerging markets across Africa, Asia, and Latin America
- LemFi recently expanded into Europe through a partnership with Modulr and plans to secure an Irish license to further scale operations
LemFi, a London-based fintech serving immigrant communities, has raised $53 million in Series B funding to expand its remittance services globally. Led by Highland Europe, the funding round also saw participation from existing investors Endeavor Catalyst, Left Lane Capital, Palm Drive Capital, and Y Combinator, bringing LemFi’s total funding to $85 million.
Founded in 2020 by Ridwan Olalere and Rian Cochran, LemFi enables users to send money to emerging markets across Africa, Asia, and Latin America. The company now processes $1 billion in monthly transaction volume, up from $2 billion annually in 2023. Strong adoption in the Asian corridor, which accounts for $160 million in monthly volume, has fueled this growth.
LemFi recently expanded into Europe through a partnership with Modulr and plans to secure an Irish license to further scale operations. The platform, operating in 27 send-from markets and 20 send-to countries, credits its growth to robust fraud detection, user retention, and a strong focus on localized services.
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Key Takeaways
LemFi’s rapid growth highlights the increasing demand for affordable, efficient remittance solutions tailored to diaspora communities. By prioritizing fraud detection and user experience, LemFi has built trust and retained over 70% of its early users, helping it differentiate in a highly competitive market. With its focus on hyper-localized services and scalable technology, LemFi is well-positioned to capitalize on the $669 billion global remittance market, particularly as traditional banks continue to dominate with over 60% market share. The new funding will enable LemFi to deepen its presence in Europe, scale its payment network, and recruit talent to sustain its momentum. The company’s success underscores the potential of fintech innovations in addressing the financial needs of underserved communities while navigating complex regulatory environments.
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