LemFi Expands With $53M Boost Amidst Asian and European Ventures

Deal News | Jan 14, 2025 | Left Lane Capital

LemFi Expands With $53M Boost Amidst Asian and European Ventures

London-based fintech LemFi, focusing on remittances for immigrants, has secured $53 million in new funding, which will be used to acquire more customers and expand into new markets. Since its launch in 2020, LemFi has grown rapidly, enabling diaspora communities in North America to send money to emerging markets across Africa, Asia, and Latin America. The platform boasts over 1 million active users and processes $1 billion in monthly payment volume. Recently, LemFi partnered with Modulr to expand into Europe. CEO Ridwan Olalere credits the platform's growth to its focus on low fraud rates and strong user experiences. This Series B funding round was led by Highland Europe and included existing investors such as Left Lane Capital, amounting to $85 million in total funding. LemFi plans to use the funding to scale its payment network, extend offerings, and recruit talent for growth.

Sectors

  • Financial Services
  • Fintech
  • Investment

Geography

  • United Kingdom – LemFi is based in London, UK, and is expanding its operations there by partnering with local financial firms.
  • Europe – LemFi is expanding its remittance services into various European countries with its new funding.
  • Asia – LemFi is extending its reach to Asian markets, contributing to its rapid increase in transaction volume.

Industry

  • Financial Services – The article discusses LemFi's operations in the remittance and financial services sector, highlighting its growth in offering financial services to immigrants.
  • Fintech – LemFi is a financial technology company focusing on improving remittance services by utilizing technology to facilitate cross-border money transfers.
  • Investment – The article details investment activities, including the $53 million Series B funding round for LemFi led by various investment firms.

Financials

  • $53 million – The amount raised in LemFi's latest Series B funding round to expand operations and acquire more customers.
  • $85 million – The total funding LemFi has secured to date.
  • $1 billion – LemFi's current monthly transaction volume due to strong adoption in the Asian corridor.
  • $2 billion – LemFi's annual transaction volume in 2023.

Participants

NameRoleTypeDescription
LemFiTarget companyCompanyA London-based fintech platform providing remittance services for immigrants, with a focus on emerging markets.
Left Lane CapitalInvestorCompanyA private equity firm participating as an existing investor in LemFi's latest funding round.
Highland EuropeLead InvestorCompanyA London-based growth-stage investment firm leading LemFi's Series B funding round.
Palm Drive CapitalInvestorCompanyAn existing investor in the Series B funding round for LemFi.
Y CombinatorInvestorCompanyAn accelerator and existing investor in LemFi's funding round.
Endeavor CatalystInvestorCompanyA new investor participating in LemFi's Series B funding round.
Ridwan OlalereCEO and co-founderPersonCEO and co-founder of LemFi, driving the company's expansion strategy.
Rian CochranCFO and co-founderPersonCFO and co-founder of LemFi, working on the financial aspects of growth.
ModulrPartnerCompanyAn embedded finance provider partnering with LemFi for European expansion.