This brings LemFi’s total funding to USD 85 million. Since its inception in 2020, LemFi has expanded rapidly, offering multi-currency accounts and enabling users to send money to 20 countries, including Nigeria, Kenya, India, China, and Pakistan. The platform has gained traction among diaspora communities in North America and Europe, boasting over 1 million active users and processing USD 1 billion in monthly transaction volume.
LemFi took a significant step in its expansion strategy by entering the European market through a partnership with Embedded Finance provider Modulr. This collaboration allows the company to operate in Europe ahead of securing a payment licence in February 2025 via the acquisition of a Republic of Ireland-based firm. LemFi now operates in 27 send-from markets and 20 send-to countries.
LemFi’s success is partly attributed to its robust fraud detection systems, which keep costs low and ensure competitive pricing for users. The company has seen growth in the Asian corridor, where it processes USD 160 million in monthly transaction volume, growing 30% month-on-month. This strong adoption has been a key driver of the company’s overall success, doubling its user base, revenue, and transaction volume over the past two years.
With its latest funding, LemFi plans to scale its payment network licences, improve its localised services, and recruit talent to support its next growth phase. The firm employs over 300 people across Europe, North America, Africa, and Asia. By leveraging adaptable technology and targeting regions with significant immigrant populations, LemFi aims to expand its footprint further, with a strong focus on Europe in 2025.
This funding milestone and strategic expansion highlight LemFi’s growing influence in the competitive remittance market, positioning it as a key player in connecting global diaspora communities to their home countries.
The global remittance market remains a crucial lifeline for emerging economies, with inflows surpassing USD 669 billion in 2023, according to World Bank data. Remittances now represent a significant portion of GDP in many countries, often outpacing foreign direct investment as the leading source of foreign exchange. Traditional banks and agents still dominate the market, controlling over 60% of remittance flows despite increasing competition from tech-driven challengers.
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