LemFi has raised $53 million in a Series B funding round to grow its platform for immigrants. The company, which now processes $1 billion in monthly transactions, plans to use the funds to expand its services globally, acquire European licenses, and introduce customer cards in the US, UK, and Canada. With over 1 million users, LemFi is addressing high remittance fees and financial barriers for immigrant communities. Key highlights:

• Funding Details: $53M led by Highland Europe, with backing from Left Lane Capital, Y Combinator, and others.
• Growth: $1 billion monthly transactions; 30% monthly growth in Asia.
• Expansion Plans: European licenses, US and UK customer cards, and credit services.
• Impact: Zero-fee transfers and competitive rates for underserved immigrant markets.

This funding positions LemFi to transform from a remittance app into a global financial platform, empowering millions of immigrants worldwide.

Details of LemFi‘s $53M Series B Funding

Lead Investors and Partners

On January 14, 2025, LemFi announced it had raised $53 million in a Series B funding round, led by London-based Highland Europe. Known for backing startups with annualized revenues exceeding €10 million, Highland Europe’s participation highlights its belief in LemFi’s potential to become, as CEO Ridwan Olalere envisions, a “fintech giant”.

The funding round also saw a strong commitment from existing investors. Left Lane Capital, Palm Drive Capital, Y Combinator, and Endeavor Catalyst all increased their stakes in the company. Speaking about the investment, Sam Brooks, Partner at Highland Europe, shared:

“LemFi’s mission to provide trusted, reliable access to financial services for immigrant communities has inspired an incredibly loyal customer base and has generated impressive growth over the past several years.” – Sam Brooks, Partner, Highland Europe

This funding milestone underscores LemFi’s rapid growth trajectory, detailed in the timeline below.

Total Capital Raised and Timeline

LemFi’s Series B follows a $33 million Series A round raised in August 2023, led by Left Lane Capital. The quick 17-month leap from Series A to Series B reflects the company’s impressive momentum, now processing $1 billion in monthly transaction volumes.

These successive funding rounds position LemFi for the next phase of its expansion.

How the Funding Will Be Used

LemFi plans to channel the $53 million into transforming its platform from a remittance app to a comprehensive financial services hub. A key move involves acquiring an Irish firm to obtain European licenses, enabling direct entry into major markets such as the United Kingdom and Germany without relying on third-party partnerships.

The funding will also fuel product development, including the launch of customer cards in the United States, United Kingdom, and Canada. These cards will give users more flexibility in accessing and spending their funds. Additionally, LemFi aims to expand its payment licenses and partnerships across Europe and Asia while growing its team beyond its current 300 employees.

This strategic investment aligns with LemFi’s broader mission to make financial services more accessible on a global scale.

LemFi’s Background and Growth

Founding and Mission

LemFi, originally launched as Lemonade Finance in 2021, was founded by Ridwan Olalere and Rian Cochran, who first crossed paths while working at the fintech company OPay. In 2023, the company rebranded to LemFi, signaling a fresh chapter in its journey.

The motivation behind LemFi was clear: to tackle the persistent challenges immigrants face when sending money internationally. These processes were often bogged down by high costs, delays, and unnecessary complexity. As Ridwan Olalere, Co-founder and CEO, explained:

“When we started building LemFi, we were told remittance had already been solved. But for too many people, it is still too slow, cumbersome and expensive with customers telling us that in some instances it was cheaper to send money from the US via Canada than directly to their families back home.” – Ridwan Olalere, Co-founder and CEO, LemFi

With a long-term goal of becoming a comprehensive financial services platform for immigrants, LemFi has continually refined its offerings and expanded its reach. This unwavering focus has fueled impressive growth in both its user base and operational scale.

Growth Metrics

LemFi’s growth trajectory has been nothing short of impressive. By early 2025, the company had doubled its key metrics over two years, boasting 1 million active customers and processing $1 billion in transactions every month – up from an annual total of $2 billion in 2023. Retention rates have been strong, with 70% of early adopters remaining active users and 60% of all customers engaging with the platform on an annual basis.

The company’s workforce has also expanded significantly, with over 300 employees now operating across multiple continents. One standout success has been the Asian corridor, encompassing markets like China, India, and Pakistan. Since its launch in 2024, this region has generated $160 million in monthly transaction volume, growing at a remarkable 30% month-over-month pace. These milestones highlight LemFi’s growing influence in global remittance markets.

Global Operations

Operating on four continents – Africa, Europe, North America, and Asia – LemFi now serves 27 send-from markets. This extensive network enables the company to provide multi-currency accounts and seamless cross-border payment solutions for immigrant communities around the world. LemFi generates revenue through transaction fees and foreign exchange spreads, all while maintaining a low fraud rate that allows it to offer competitive pricing.

With its global reach and customer-first approach, LemFi continues to solidify its position as a trusted financial partner for immigrants everywhere.

Current Services and Target Markets

Core Services

LemFi is designed as a multi-currency platform specifically catering to immigrant communities. It enables instant, low-cost international money transfers, cutting out the usual delays and high fees associated with traditional methods.

What sets LemFi apart is its advanced fraud detection technology, which keeps fraud rates impressively low. CEO Ridwan Olalere highlighted that these low fraud rates allow LemFi to offer competitive pricing, helping customers avoid unnecessary fees. This tech-first approach ensures affordability without compromising security.

In addition to its current offerings, LemFi is expanding its services by introducing customer cards in key markets. This move transforms the platform into a comprehensive financial hub, complete with localized payment solutions. These enhancements further strengthen LemFi’s extensive network, which spans a wide range of send-from and send-to markets.

Send-From and Send-To Markets

LemFi operates from major hubs like the United States, United Kingdom, and Canada, supporting transfers to over 20 send-to countries. These markets focus on emerging economies across Africa, Asia, and Latin America.

Some of the key receiving countries include Nigeria, Kenya, India, China, Pakistan, Senegal, Cameroon, Brazil, and Mexico. In many of these regions, remittances play a crucial role as a source of foreign exchange, often surpassing foreign direct investment. The Asian corridor, covering nations such as China, India, and Pakistan, has been particularly successful. Since its 2024 launch, this corridor has generated $160 million in monthly transaction volume, with a 30% month-over-month growth rate.

Revenue Model and Customer Benefits

LemFi’s revenue model is based on transaction fees and foreign exchange spreads. By offering competitive exchange rates and minimal fees, the platform addresses a key challenge for immigrant communities: the high costs of sending money back home.

The company primarily serves the “Global South” diaspora, a group often overlooked by traditional banks due to barriers like the lack of local credit history or steep transfer costs. LemFi’s focus on these underserved communities has paid off, with 70% of its earliest users still active on the platform and 60% of the total customer base engaging annually.

This strong customer loyalty reflects LemFi’s commitment to supporting those who need it most. Combined with its cost-efficient fraud prevention measures, the company can maintain affordable pricing while building a sustainable business model, fueling its continued growth and market expansion.

Expansion Plans Beyond Africa

Growth in Asia and Europe

LemFi is making strides in Asia and Europe, focusing on regions with significant immigrant populations and substantial remittance activity. In Asia, the company is targeting countries like China, India, and Pakistan, where it currently processes $160 million in monthly transactions and is experiencing an impressive 30% month-over-month growth rate.

In Europe, LemFi has its sights set on the United Kingdom, Germany, and the Republic of Ireland. The Irish market was secured through an acquisition that provided independent licensing, enabling operations in areas with strong immigrant communities. CEO Ridwan Olalere highlighted the company’s ambitions:

“We intend to go to as many markets as we have a significant number of immigrants, starting now with Europe this year, which is going to be a big focus for us”.

These expansions open the door to tailored offerings that cater to the needs of diverse markets.

New Products and Features

LemFi is broadening its scope with plans to introduce customer cards in the United States, United Kingdom, and Canada, extending its services beyond just remittances. A significant milestone came in May 2025, when LemFi acquired British credit card issuer Pillar, securing UK Financial Conduct Authority licenses and gaining immediate access to credit services for 20,000 cardholders. The company is also enhancing its multi-currency accounts and localized services to better meet the needs of immigrant users. CEO Ridwan Olalere explained:

“While regulations market by market remain complex… scaling has become a lot easier for us because we have technology that is adaptable and can easily plug and play to different payment methods and schemes”.

These advancements reflect LemFi’s commitment to delivering more personalized and efficient solutions.

Scaling Infrastructure and Team

To support its global ambitions, LemFi is strengthening its payment network infrastructure and growing its team, which now includes over 300 employees across Europe, North America, Africa, and Asia. The company has brought in experienced C-suite executives from organizations like Terrapay, DeliveryHero, and OPay to help navigate the complexities of regional markets. Thanks to its technology, LemFi can quickly integrate local payment methods, simplifying its entry into new regions. With $1 billion in monthly transaction volume, the company is well-prepared to scale up operations as it expands into new markets in 2025 and beyond.

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Impact on Global Financial Inclusion

Tackling Financial Barriers for Immigrants

For many immigrants, accessing affordable financial services remains a significant challenge. Intermediaries dominate around 60% of the remittance market, creating hurdles for those trying to send money home efficiently and affordably. LemFi’s zero-fee model and instant transfer capabilities aim to eliminate these barriers. The scale of the issue is immense: in 2023, India received $120 billion in remittances, while the African remittance market is expected to hit $500 billion by 2035. These numbers highlight the critical role of cost-effective remittance services for millions of families worldwide.

LemFi’s partnership with GCash, announced in June 2025, has further amplified its impact. This collaboration allows Filipinos living in North America and Europe to send money directly to GCash wallets in just minutes – without any transfer fees – reaching 94 million registered users. This success marks a significant step toward LemFi’s broader vision of becoming a comprehensive financial platform.

Expanding Into a Comprehensive Financial Ecosystem

LemFi isn’t stopping at remittances. The company is evolving into a full-service financial platform aimed at addressing the broader financial challenges faced by immigrants. A major milestone was its acquisition of London-based fintech company Pillar in June 2025, which opened doors for immigrants to access credit – an area where they’ve traditionally faced barriers. Pillar’s co-founder, Ashutosh Bhatt, shared his personal experience:

“Despite earning a good salary at Barclays, I couldn’t access even the everyday products I’d had in India. I couldn’t get an iPhone, let alone a credit card… I’m excited for the impact we will have together with LemFi to… build truly global access to credit.”

The launch of LemFi Credit has already shown promising results. During its private beta, the service attracted over 8,000 users within six weeks, with weekly user growth climbing by 18%. Today, LemFi offers multi-currency accounts, debit cards, and in-app credit options, creating a robust financial ecosystem that now serves over 2 million customers across the US, UK, Canada, and Europe. These offerings are a game-changer for immigrants, providing financial tools that were previously out of reach.

Reaching Underserved Markets

LemFi’s growth strategy focuses on regions where immigrants face the greatest financial challenges. The company’s Asian corridor, for instance, processes $160 million in monthly transactions and continues to grow at an impressive 30% month-over-month. By forming partnerships with trusted local platforms – like Esewa in Nepal (approved by the Central Bank of Nepal in November 2024) and GCash in the Philippines – LemFi ensures fast and secure fund transfers.

Sam Brooks, a partner at Highland Europe, emphasized the broader impact of LemFi’s mission:

“LemFi’s mission to provide trusted, reliable access to financial services for immigrant communities has inspired an incredibly loyal customer base and has generated impressive growth over the past several years.”

Today, LemFi processes $1 billion in monthly transactions and operates in more than 20 countries. These achievements underscore its dedication to closing the financial gap for immigrants worldwide, making essential services accessible to those who need them most.

Keynote Speech by Ridwan Olalere | The Journey of LemFi | PITCH2WIN 5

Conclusion

LemFi’s $53 million Series B funding marks a significant step forward for immigrant financial services. What began as a remittance-focused startup has grown into a full-service financial platform, addressing the pressing need for affordable and accessible financial tools in immigrant communities.

This funding positions LemFi to challenge traditional banks that dominate 60% of the remittance market, often charging higher fees and taking days to process transfers. By acquiring an Irish-based firm and securing independent European licenses, LemFi can eliminate reliance on third-party providers. This allows them to offer tailored, hyper-local services specifically designed for diaspora communities. Their zero-fee, instant transfer model remains intact, enabling the company to adapt to diverse regulatory landscapes and expand its reach.

LemFi’s recent expansion into Asia highlights the vast opportunities in regions where immigrants still face substantial financial hurdles. CEO Ridwan Olalere encapsulated the company’s mission perfectly:

“When we started building LemFi, we were told remittance had already been solved. But for too many people, it is still too slow, cumbersome and expensive”.

With operations spanning North America, Europe, Asia, and Africa, LemFi is tapping into the $669 billion global remittance market. The platform has evolved from facilitating basic money transfers to offering multi-currency accounts, debit cards, and credit services, creating a comprehensive financial ecosystem for immigrants. As LemFi continues to grow and innovate, it is reshaping how millions of immigrants worldwide access, manage, and build their financial futures.

FAQs

How will LemFi’s global expansion benefit immigrant communities?

LemFi has recently raised $53 million in funding, setting the stage for its expansion beyond Africa into Europe, the United Kingdom, and parts of Asia, including major markets like China and India. This move aims to provide immigrant communities with access to affordable multi-currency accounts and quicker cross-border transfers, addressing their specific financial needs.

For immigrant families, this could translate into cheaper and faster remittance options, significantly lower fees compared to traditional banking systems, and more of their hard-earned money reaching loved ones back home. With a current transaction volume exceeding $1 billion each month, LemFi’s growth promises a reliable and cost-effective financial service that not only supports economic stability but also helps maintain strong connections to home countries.

What makes LemFi’s zero-fee transfer model beneficial?

LemFi’s zero-fee transfer model eliminates the usual charges that banks and money transfer services tack on for cross-border payments. This means users can send money abroad without worrying about upfront costs – a huge relief for families and individuals who regularly transfer smaller amounts. And with its competitive exchange rates, LemFi helps cut down the overall expense of sending money internationally.

But it’s not just about saving money. LemFi also focuses on speed with its instant transfers, ensuring funds get to recipients much faster than the sluggish timelines of traditional providers. By removing both fees and delays, LemFi is reshaping financial transactions to be more accessible while fostering trust and supporting financial inclusion for communities that have often been overlooked.

What will LemFi do with the $53 million in funding to expand globally?

LemFi has earmarked its $53 million funding to fuel global growth. A key part of this plan is obtaining more payment network licenses and building strategic partnerships. These steps will help the company expand its reach and better serve customers in new regions, especially across Europe and Asia.

The company also plans to bring in top-tier talent and finalize a European acquisition to speed up its progress. Through these initiatives, LemFi aims to widen financial access and introduce fresh solutions for underserved communities around the world.

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