LemFi, a global fintech platform revolutionizing the financial services for immigrants, has raised a $33 million Series A funding round led by Left Lane Capital.
Y-Combinator, Zrosk, Global Founders Capital, and Olive Tree were among the other investors.
In 2020, founders Ridwan Olalere and Rian Cochran banded together to create a platform that would give immigrant youth a voice.
LemFi started in Canada in 2020 to make it simple and affordable to send money to Kenya, Ghana, and Nigeria. By 2021, the business had quickly reached the UK and had increased its reach by opening up 10 new remittance routes to Africa.
A user can now sign up for LemFi and use its multi-currency service to send, receive, hold, convert, and save in the currencies of both their country of origin and country of residence within minutes of moving there. LemFi further provides free transfers and account maintenance together with the greatest currency rates for rapid international payments.
According to Olalere, “Our product is a game changer for users since traditional banks and other leading neo-banks have always steered clear of less common or more volatile currencies. “This has driven immigrants to often use unsafe, informal channels or to stitch together several other services to solve some of their basic financial needs. Until now.”
LemFi purchased UK-based Rightcard Payment Services in late 2021 as part of a strategic assessment. By acquiring the company, LemFi was able to receive an Electronic Money Institution (EMI) license from the UK’s Financial Conduct Authority, enabling it to offer its consumers more options such as e-money accounts and larger transaction limits.
LemFi is still dedicated to providing migrant populations all over the world with open and accessible financial services. Following the conclusion of this most recent investment round, the company plans to develop on new product offerings in accordance with the needs of its users and expand its product offering to the United States, Europe, the Middle East, and Asia.
The Central Bank of Nigeria granted Rightcard Payment Services an International Money Transfer Operator (IMTO) license in 2023, making it a crucial year for LemFi as well. LemFi will be able to offer its services in collaboration with Nigerian banks thanks to the IMTO license, empowering customers by removing the need for middlemen.
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