LemFi raises $33m for immigrant-focused payments platform

LemFi raises $33m for immigrant-focused payments platform

LemFi, a fintech platform providing international payment services for immigrants, has raised $33 million in a Series A funding round led by Left Lane Capital.

Y-Combinator, Zrosk, Global Founders Capital, and Olive Tree joined the round for LemFi, which was previously called Lemon Finance.

Founded by Ridwan Olalere and Rian Cochran, who met while building African fintech OPay, LemFi launched in Canada in 2020 to enable easy and low-cost remittance payments to Nigeria, Ghana, and Kenya. The following year, it expanded to the UK, and broadened its reach by enabling 10 new African remittance corridors.

Within minutes of residency, a user can onboard with LemFi and use its multi-currency offering to send, receive, hold, convert and save in the currencies of both their country of origin and country of residence. In addition, LemFi also promises instant international transfers at the best exchange rates with zero fees on transfers or account maintenance.

In 2021, the startup acquired UK-based Rightcard Payment Services, obtaining an Electronic Money Institution to provide customers with more services, such as higher transaction limits and e-money accounts.

This year, Rightcard secured an International Money Transfer Operator license from the Central Bank of Nigeria, enabling LemFi to offer its services in partnership with Nigerian banks.

Says CEO Olalere: "Having lived on three continents and leading a multicultural team, our mission is deeply personal: creating a world where financial services are universally accessible. We’ve already made life easier for over half a million people, but we’re only just getting started."

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