Lemfi Secures $33M in Series A Funding to Expand Global Remittance Services
Lemfi, the Africa-focused remittances platform, has secured $33 million in a Series A funding round led by Left Lane Capital.
The company, with a presence in Canada and the U.K., plans to utilize this capital infusion to broaden its product offerings, expanding into the United States, Europe, the Middle East, and Asia. Lemfi aims to simplify financial services for immigrants and has already positively impacted over half a million people. CEO Ridwan Olalere, citing the challenges faced by migrants, highlighted how Lemfi’s innovative approach helps users deal with less common or volatile currencies, filling a gap left by traditional banks and neo-banks.
The platform, launched in 2020, initially focused on low-cost remittances to Nigeria, Ghana, and Kenya, but has since expanded to include 10 additional African remittance corridors through the acquisition of Rightcard Payment Services. Lemfi’s dedication to building a robust network of financial institution partners for cross-border payments has earned praise and support from investors like Left Lane Capital.
Clever Robot News Desk 1st September 2023
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