Founded in 2019 by Nigerian Ridwan Olalere and European Rian Cochran, LemFi, a remittance-focused fintech startup,
LemFi entered the US market in 2023, marking a significant growth milestone.
In 2024, the startup entered large remittance markets like China, India, and Pakistan, hiring C-suite executives from domestic companies to support this growth.
LemFi generates revenue through transaction fees and foreign exchange spreads.
The company recently announced a significant milestone in its growth journey, securing $53 million in a Series B funding round. Led by London-based Highland Europe, with participation from existing investors, this investment brings LemFi’s total funding to $85 million.
With this fresh capital infusion, LemFi is dedicated to accelerate its expansion into Europe, broadening its service offerings, enhancing its payment network licenses and partnerships globally, and delivering hyper-localized services. The startup’s European foray follows a strategic partnership with Modulr and the acquisition of an Ireland-based company, enabling LemFi to commence independent operations in Europe next month.
LemFi’s expansion plans are encouraged by several strategic growth endeavours, including:
Talent Acquisition
LemFi aims to invest in top talent to support its rapid growth phase, building on its existing team of over 300 individuals across Europe, North America, Africa, and Asia.
Enhanced Payment Network
LemFi will leverage its funding to strengthen its payment network licenses and partnerships globally, facilitating seamless remittances to 20 recipient countries.
Hyper-Localized Services
The startup will focus on delivering hyper-localized services, catering to the unique needs of African immigrants across 22 countries.
With its European expansion on the horizon, the startup is poised to serve customers in 27 send-from markets, facilitating remittances to 20 recipient countries. As LemFi continues to grow and expand its services, it is likely to play a significant role in shaping the global remittance landscape.
