Lemonade Finance partners with TrueLayer

Tuesday 10 May 2022 09:49 CET | News

Open Banking platform TrueLayer has announced its collaboration with innovative fintech firm Lemonade Finance

Founded in 2020, Lemonade Finance was built to serve the African diaspora, with a focus on enabling Nigerians, Ghanaians, and Kenyans in the UK to send money back to friends and family without any hidden fees. Remittances to Africa have traditionally been compromised by three significant issues: long transaction times, restrictions in terms of use, and higher than average fees. As a result, platforms for international remittances are either unavailable to Africans or limited in their functionality.

Recognising the opportunity to deliver an improved customer experience, Lemonade Finance has now implemented TrueLayer’s Open Banking platform. Through TrueLayer, customers securely connect their bank account to the Lemonade Finance platform, enabling the firm to manage risk more effectively by verifying the account and confirming the payee's details.

Customers can then send funds directly from their bank to Lemonade Finance, using TrueLayer’s account-to-account payments, removing the need to manually enter card details or share their bank credentials. With higher conversion and fewer failed transactions, customers gain additional peace of mind that their recipient will receive the funds in minutes with Lemonade Finance compared to up to four days using other remittance methods, according to the official press release.

Click here to find out more about TrueLayer.

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Keywords: partnership, TrueLayer, Open Banking, remittance, cross-border payments
Categories: Banking & Fintech
Companies: Lemonade Finance, TrueLayer
Countries: Africa, United Kingdom
This article is part of category

Banking & Fintech

Lemonade Finance



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