LemFi, a Nigerian fintech startup specializing in remittances, has announced securing $53 million in a Series B fundraising round. This milestone aims to bolster the company’s expansion into Europe and further enhance its global service offerings.
The round was led by Highland Europe, a London-based growth-stage investment firm. Other notable participants included Endeavor Catalyst, Left Lane Capital, Palm Drive Capital, and Y Combinator. With this funding, LemFi’s total investment to date stands at $85 million.
Strategic Growth Plans
LemFi plans to use the newly acquired funds to:
- Expand its service offerings globally.
- Secure additional payment network licenses and alliances.
- Provide hyper-localized services tailored to its growing customer base.
The company is currently operational in 22 countries, targeting African immigrants worldwide. Its European expansion was recently accelerated through a partnership with Modulr and the acquisition of an Ireland-based firm.
By next month, LemFi intends to launch independent operations in Europe while awaiting the issuance of its European license. The startup also plans to introduce a LemFi card for customers in the US, UK, and Canada to further diversify its offerings.
Founders’ Vision and Leadership
LemFi was founded in 2019 by Nigerian Ridwan Olalere and European Rian Cochran. Their leadership has steered the company to achieve impressive milestones, including:
- Monthly payment volumes of $1 billion (up from $2 billion annually in 2023).
- Rapid growth in the Asian remittance corridor, generating $160 million monthly and expanding 30% month-on-month since its inception in 2024.
The company also expanded into major remittance markets, including China, India, and Pakistan, and hired experienced executives from leading firms such as OPay, DeliveryHero, and Terrapay to support its growth trajectory.
Scaling Talent and Operations
LemFi, which currently employs over 300 professionals across Europe, North America, Africa, and Asia, plans to invest in talent acquisition to support its rapid expansion. The startup’s enhanced capabilities will allow it to serve customers in 27 send-from markets and facilitate remittances to 20 recipient countries.
LemFi’s latest funding round is a testament to its continued growth and innovation in the fintech sector. With an average monthly payment volume of $1 billion, the company is set to redefine remittance services globally.
This expansion promises to provide seamless and localized services for its growing user base, further solidifying LemFi’s position as a key player in the remittance and financial technology space.
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