LemFi, a Nigerian fintech company specializing in cross-border remittance services, has raised $53 million. Per TechCrunch, financing was led by Left Lane Capital, with participation from Y Combinator. This new funding underscores investor confidence in Africa’s booming fintech sector.
Founded in 2020 by Ridwan Olalere and Rian Cochran, LemFi offers a platform tailored for the African diaspora, enabling users to hold, send, and receive money in multiple currencies. The service stands out for its competitive exchange rates, zero transaction fees, and instant transfer capabilities, designed to alleviate the high costs and delays typically associated with international money transfers.
In 2023, LemFi raised $33 million, which supported its entry into markets such as China, India, and Pakistan. This latest funding will now facilitate the company’s strategic entry into key European markets, including the United Kingdom and Germany, which are home to substantial African immigrant populations. The company has already secured necessary regulatory approvals, ensuring compliance with local financial laws and bolstering trust among its target users.