LemFi, a financial services platform catering to immigrant communities, has successfully secured $53 million in a Series B funding round led by Highland Capital.
Initially focused on payments and remittances, LemFi allows users to open multi-currency accounts and send and receive money globally. The company was founded in 2021 by Ridwan Olalere (CEO) and Rian Cochran (CFO), who previously worked together at fintech unicorn OPay, backed by the Norwegian browser provider Opera.
With over one million customers in diaspora communities across Europe and North America, LemFi aims to develop a comprehensive financial services platform. Ridwan Olalere commented, “When we started building LemFi, we were told remittance had already been solved. But for too many people, it is still too slow, cumbersome, and expensive, with customers reporting that in some cases it was cheaper to send money from the US via Canada than directly to their families back home. By targeting the communities most in need, we’ve built LemFi into the go-to remittance service for one million people, helping them build wealth across 20 countries. We’re not stopping there; this new funding will enable us to expand our features and reach more countries.”
LemFi has recently surpassed $1 billion in monthly transaction volume, bringing its total capital raised to $85 million to date.