Canada-based immigrant-focused fintech LemFi is raising a EUR 30 million extension to its Series B funding round, according to a source cited by Tech Funding News. The extension adds to the USD 53 million Series B the company closed in January 2025, which was led by Highland Europe and included Left Lane Capital, Palm Drive Capital, Endeavor Catalyst, and Y Combinator.
Founded in 2021 by Ridwan Olalere and Rian Cochran, who previously worked together at OPay, LemFi was built to address gaps in financial services for immigrants and global citizens. The company now serves more than two million customers across the US, the UK, and Canada, and supports money transfers to over 30 markets.
Growth and expansion beyond remittances
Earlier in 2025, LemFi surpassed USD 1 billion in monthly transactions and reported 30% month-on-month growth in activity, according to previous statements from the company. These figures underpin its stated strategy to expand beyond remittances and compete with established players in the international money transfer market, including Taptap Send, WorldRemit, and Remitly.
LemFi has also pursued growth through acquisitions. The purchase of Bureau Buttercrane, a currency exchange business, secured regulatory approval from Ireland's central bank. A separate acquisition of UK-based credit fintech Pillar brought a Financial Conduct Authority credit licence and the capability to assess creditworthiness for immigrants who lack local financial history, a structural barrier to credit access that affects a significant portion of the company's target customer base.
Strategic and market context
The extension round reflects continued investor appetite for fintech platforms targeting the immigrant and diaspora segment, a market characterised by high transaction volumes, strong customer loyalty, and historically underserved financial needs. The combination of remittance infrastructure with credit capabilities positions LemFi to address a broader set of financial needs for its customer base than money transfer alone.
The acquisition of Pillar is particularly significant from a product perspective. Credit access for immigrants is a well-documented gap in mainstream financial services, as traditional scoring models rely on local credit history that newly arrived individuals have not yet had the opportunity to build. By incorporating an FCA-licensed credit assessment capability that can evaluate applicants without that history, LemFi is extending its value proposition into a segment where competition from incumbent banks and mainstream lenders remains limited.
The company's regulatory footprint, spanning licences in Ireland and the UK alongside its existing operational presence in North America, provides a foundation for continued European expansion as it scales beyond its current markets.
