LemFi, the Nigerian-born fintech platform dedicated to serving immigrants, has raised USD 53 million in a Series B funding round.
The round was led by Highland Europe, with participation from Left Lane Capital, Palm Drive Capital, Y Combinator, and Endeavor Catalyst. This latest funding brings LemFi’s total capital to USD 85 million, positioning the four-year-old company for rapid global expansion.
Founded in 2020 by Ridwan Olalere and Rian Cochran, LemFi enables immigrants to send, receive, and manage money across borders through its multi-currency ecosystem.
Initially launched in Canada to serve remittances to Nigeria, Ghana, and Kenya, the platform has grown rapidly, now supporting 27 send-from markets and 20 send-to countries, including Nigeria, India, China, and Pakistan.
For many emerging economies, remittances are a crucial source of income. In 2023, global remittance inflows reached USD 669 billion, surpassing foreign direct investment in many countries.
Despite the rise of fintech companies like LemFi, over 60% of the market is still controlled by traditional banks.
LemFi’s technology aims to reduce high remittance fees and inefficient corridors, processing USD 1 billion in monthly payment volume, including USD 160 million through its fast-growing Asian corridor.
The company’s emphasis on aggressive fraud detection and a user-friendly platform has resulted in strong customer loyalty, with 70% of early users remaining active.
The Series B funding will fuel LemFi’s efforts to scale operations, hire more talent, expand payment licenses, and strengthen its presence in Europe, where it recently partnered with Modulr to launch services. These efforts follow milestones such as acquiring UK-based Rightcard Payment Services for an EMI license and securing an IMTO license in Nigeria, which were announced alongside LemFi’s USD 33 million Series A funding in August 2023. With this new round, LemFi’s total funding reaches USD 85 million.
With over 1 million active users and 300 employees globally, LemFi is committed to providing accessible, cost-effective financial solutions for diaspora communities in North America and Europe, while supporting remittances to emerging markets across Africa, Asia, and Latin America.
