UK-based international payment services provider LemFi has announced the receipt of 14 new US Money Transmitter Licences (MTLs).
Following this regulatory achievement, LemFi emphasises its commitment to both security and transparency. The company now plans to further improve control, make processing more efficient, and scale compliant financial services for immigrant communities across states such as Illinois, Michigan, and Arizona.
The US MTLs come as an addition to several other international licences LemFi has previously secured, including an Electronic Money Institution (EMI) licence and FCA credit licence in the UK, a Payment Institution (PI) licence in Ireland, and a Money Service Business (MSB) licence in Canada.
Supporting immigrants across the US
With the new licences, which cover several states in addition to those aforementioned ones, including Oregon and Delaware, LemFi is set to be able to move money for customers directly under state regulatory oversight. Through this, the company benefits from increased control over how transfers are processed, in turn facilitating a more optimal and transparent experience.
At the same time, the licences solidify LemFi’s commitment to operating with accountability and customer protection in mind when it comes to its US operations. Concomitantly, this key milestone further strengthens the company’s position in the fintech industry.
Furthermore, obtaining these licences across 14 states assists LemFi in reaching more immigrants across the US, enabling them to support their families and manage finances at home. This, in turn, will allow the company to expand its existing user base, which, according to its data, now includes two million customers.
Additionally, this announcement is a step further in LemFi’s strategy to offer a full suite of financial products based on the needs of the underserved population. Among them, the company mentions LemFi Credit, developed to support immigrants in accessing and building credit while also receiving flexible payments, and Send Now Pay Later (SNPL), enabled by its alternative credit scoring technology and designed to allow customers to send money to their families and access credit securely.
