LemFi expands into Ireland with the acquisition of Buttercrane

By moving forward with the deal, LemFi is set to be able to utilise Buttercrane’s Irish licence to operate across the European Economic Area (EEA), in turn benefiting from additional growth opportunities in the region. LemFi’s offering includes global accounts, money transfer, and currency conversion, among others, with its solutions being tailored to meet the needs, demands, and preferences of immigrants.

The acquisition comes just two weeks after LemFi obtained USD 53 million in a Series B funding round led by Highland Europe and with participation from existing investors such as Left Lane Capital and new backers like Endeavor Catalyst. The capital brought LemFi’s total funding to USD 85 million. Since the start of its operations back in 2020, the company scaled rapidly, providing multi-currency accounts and allowing users to send money to 20 countries, including Nigeria, Kenya, India, China, and Pakistan.

LemFi’s growth path

The move to acquire Buttercrane was mostly determined by the need for a solid regulatory framework to assist LemFi’s expansion in Europe. Commenting on the announcement, representatives from the company underlined that, rather than acquiring Buttercrane for its technology or profitability, LemFi engaged in this deal to ensure compliant and optimal operations across Europe. Considering the complexity of this market due to its diverse payment methods, regulatory environments, and consumer preferences, LemFi views this deal as a strategic part of its endeavours to navigate these difficulties.

Furthermore, in addition to expanding its operations in Ireland and the overall European market, LemFi decided to enter the Latin American diaspora by expanding into Brazil and Mexico in July 2024. Through this move, the company intended to address the challenges faced by many Latin Americans residing abroad who wanted reliable and cost-efficient financial services. Additionally, by entering both Europe and Latin America, LemFi aims to advance its commitment to transforming international money transfers and becoming a preferred remittance platform globally.