Fintech Remittance Platform Lemfi Raises $33 Million in Series A Funding Round
Lemfi, an Africa-focused remittances platform, recently raised a $33 million in a Series A round which was led by Left Lane Capital.
Lemfi
Remittances platform, Lemfi in a press statement said it has raised $33 million in a Series A round led by Left Lane Capital. Lemfi said it will use the capital raise to “expand its product offering to the United States, Europe, the Middle East, and Asia.”
Ridwan Olalere, a co-founder and CEO of Lemfi, appeared to characterise the successful round as an endorsement of the company’s goal of making financial services more accessible to immigrants in comments made in conjunction with the announcement of the capital round. Olalere, who asserts to have witnessed firsthand the difficulties encountered by migrants, also discussed how Lemfi’s product offering has already made life simpler for more than half a million people.
Over half a million people have already benefited from our efforts, but we’re just getting started. Since traditional banks and other top neo-banks have typically avoided less popular or more volatile currencies, our solution is a game changer for users.
Lemfi, which was introduced in 2020 with the goal of enabling inexpensive remittance payments to Nigeria, Ghana, and Kenya, has since added 10 other African remittance corridors. The expansion came after the financial startup’s late 2021 purchase of Rightcard Payment Services, a licenced U.K. company. Rightcard Payment Services has also obtained an International Money Transfer Operator (IMTO) licence from the Nigerian central bank, according to a press statement.
Matthew Miller, principal at Left Lane Capital, lauded Lemfi’s willingness to build a “robust network of financial institution partners to facilitate cross-border payments for immigrants.” Miller added that his organization is happy to support Lemfi’s future endeavours.
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