LemFi was founded in response to the underbanked status of a substantial segment of the immigrant population. Initially concentrating on providing payment services for the African diaspora in North America and Europe, the company expanded its reach last year by acquiring Rightcard Payment Services in the UK, holding an Electronic Money Institution (EMI) license for e-wallet provision. In a recent Series A funding round, LemFi secured USD 33 million, with Left Lane Capital as the lead investor. The platform has expanded its vision to shape the future of international payments for a wider audience.
Through this partnership, ClearBank is supporting LemFi with agency banking services, leveraging its e-wallet offering in the UK to present an alternative banking solution for African immigrants. The selection of ClearBank as the agency banking partner was based on its expertise in facilitating robust payments and advanced banking infrastructure, including support for local virtual accounts and access to secure UK payment rails.
According to the official press release, the partnership has demonstrated substantial growth, with payment volumes reaching 550,000 transactions in September 2023. Additionally, ClearBank manages 37,000 virtual accounts for LemFi's e-wallet offering, with a continuous increase in customer numbers each month.
Regarding these new developments, representatives from LemFi expressed satisfaction with the partnership, emphasising LemFi's commitment to making financial services universally accessible. ClearBank officials talked about their commitment to supporting LemFi's mission through secure and compliant banking infrastructure. ClearBank aims to support organisations that improve accessibility to banking services, particularly for underserved populations.
ClearBank, as a purpose-built clearing bank with a banking license, relies on technology solutions to help partners in offering real-time payments and banking services. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, ClearBank focuses on facilitating accessible banking services.
Fintech platform LemFi transforms financial services for immigrants through its mobile app. Users can leverage LemFi's multi-currency offering to engage in various financial activities, such as sending, receiving, holding, converting, and saving in both their country of origin and residence currencies. LemFi is licensed as an Electronic Money Institution by the Financial Conduct Authority.
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