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LemFi Secures $53 Million in Series B Funding to Expand Across Asia and Europe

LemFi Secures $53 Million in Series B Funding to Expand Across Asia and Europe

LemFi

LemFi, which serves African immigrants across 22 countries, plans to use the funds to accelerate its European expansion through the acquisition of a European firm.

By Emmanuel ‘Waziri’ Okoro

Leading financial technology platform, LemFi, is set to expand its footprint in Asia and Europe after securing $53 million in a successful Series B funding round. The London-based remittance startup, which serves African immigrants across 22 countries, plans to use the funds to accelerate its European expansion through the acquisition of a European firm.

The funding round was completed in just four months, with participation from existing investors Left Lane Capital, Palm Drive Capital, and Y Combinator, alongside new investors such as Endeavor Catalyst. This brings LemFi’s total funding to $85 million.

The newly raised capital will support LemFi’s efforts to broaden its product offerings, scale its payment network licenses and partnerships, and recruit top talent for its next phase of growth. The company, which employs over 300 people across Europe, North America, Africa, and Asia, aims to deliver more localised services to its growing customer base.

LemFi
LemFis founders: Ridwan Olalere (CEO) and Rian Cochran (CFO)

“While regulations market by market remain complex and we have more stakeholders to deal with, scaling has become a lot easier for us because we have technology that is adaptable and can easily plug and play to different payment methods and schemes,” said Ridwan Olalere, LemFi’s co-founder and CEO. 

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“We intend to go to as many markets as we have a significant number of immigrants, starting now with Europe this year, which is going to be a big focus for us”.

Founded in 2021 by Olalere and CFO Rian Cochran, LemFi has quickly built a reputation as a trusted financial services platform for immigrant communities. Initially focused on payments and remittances, the company now offers multi-currency accounts that allow users to send and receive money globally with reliability and low costs.

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