Global Remittance Solutions Provider Secures Additional Funding for Market Expansion

LemFi moves remittances further into Asia and Europe with $53M in new funding

Fintech startup LemFi has announced a significant expansion into the Asian and European markets, raising $53 million in its latest funding round to support this growth. The company, which provides cross-border payment solutions for immigrants and diaspora communities, is poised to take on an even more substantial role in the global remittance market.

LemFi’s new funding brings the total amount raised by the startup to $85 million, according to CEO Olalere, who shared details of the investment with TechCrunch. The company achieved significant growth over the past two years, doubling its user base, revenue, and transaction volume. This impressive performance has attracted the attention of investors, leading to a Series B round that closed in just four months.

The funding will be used to further develop LemFi’s services, expand its payment network licenses, and form strategic partnerships to provide localized services to users across new markets. The company plans to focus on expanding into Europe this year and will use the additional capital to grow its talent pool.

Speaking about the growth momentum, Olalere emphasized that regulatory complexities still pose challenges in some markets. However, he noted that LemFi’s adaptable technology has simplified the scaling process, allowing them to easily integrate with different payment methods and schemes.

Source: techcrunch.com