Nigerian-Born Fintech LemFi Raises USD 53 M Series B To Expand Global Remittance Play

LemFi, the Nigerian-born Pan-African fintech platform for immigrants, has raised USD 53 M in a Series B funding round 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 M, positioning the four-year-old fintech for accelerated global expansion.

Founded in 2020 by Ridwan Olalere and Rian Cochran, LemFi empowers immigrants to seamlessly send, receive, and manage money across borders with 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 lifeline. In 2023, inflows hit USD 669 B, outpacing foreign direct investment in many countries. However, over 60% of this market is still controlled by traditional banks, despite rising competition from fintechs.

LemFi’s technology, designed to combat high remittance fees and inefficient corridors, processes USD 1 B in monthly payment volume, with USD 160 M flowing through its fast-growing Asian corridor. The company’s focus on aggressive fraud detection and a user-friendly experience has secured strong customer loyalty, with 70% of early users still active.

The Series B funding will fuel LemFi’s efforts to scale operations, ramp up hiring, expand payment licenses, and deepen its presence in Europe, where it recently partnered with Modulr to kickstart services. This follows earlier milestones such as acquiring UK-based Rightcard Payment Services for an EMI license and securing an IMTO license in Nigeria, which was revealed at the time of Lemfi’s USD 33 M series A announcement in August 2023. The latest round brings LemFi’s total funding to USD 85 M.

With over 1 million active users and 300 employees globally, LemFi remains committed to developing tailored financial products for the diaspora communities in North America and Europe sending money to emerging markets across Africa, Asia, and Latin America — providing accessible, cost-effective financial solutions for underserved communities.