Nigerian fintech company LemFi has secured $53 million in a funding round led by Left Lane Capital, with participation from Y Combinator, Palm Drive Capital, and new investors like Endeavor Catalyst. This brings the company’s total funding to $85 million.
The fresh funding will enable LemFi to expand its offerings, enhance its payment network licenses and partnerships, and recruit talent to drive its next phase of growth.
“Our mission is to redefine how money moves across borders. This funding allows us to extend our impact to even more communities, providing Africans abroad with seamless and affordable financial solutions,” said Ridwan Olalere, CEO and co-founder of LemFi.
Olalere highlighted the company’s adaptability in navigating complex regulatory landscapes and integrating various payment methods. “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. We plan to enter as many markets as possible, starting with Europe this year, which is a big focus for us.”
Founded in 2020 by Ridwan Olalere and Rian Cochran, LemFi offers a platform designed to cater to the African diaspora. Users can hold, send, and receive money in multiple currencies, benefiting from competitive exchange rates, zero transaction fees, and instant transfers. These features address the high costs and delays often associated with international money transfers.
In 2023, the company raised $33 million to support its expansion into key markets, including China, India, and Pakistan. The latest funding round will facilitate LemFi’s strategic entry into Europe, focusing on countries like the United Kingdom and Germany, which host significant African immigrant populations.
LemFi’s growth underscores its commitment to innovation and customer-centric solutions. By scaling operations and strategically entering new markets, the fintech aims to establish itself as a leader in the global remittance space.
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