news 
LemFi Moves Remittances Further into Asia and Europe with $53M in New Funding
Fintech startup LemFi has secured a significant $53 million in new funding, which it plans to use to expand its remittance services further into Asia and Europe.
In an interview with TechCrunch, CEO Olalere revealed that the company’s transaction volume has surged 100% year-on-year since its last reported figure of $2 billion annually. However, LemFi is now processing a staggering $1 billion in monthly payment volume, which it attributes to strong adoption in the Asian market.
The Asian corridor alone contributes $160 million in monthly TPV and is growing at a remarkable rate of 30% month-on-month within its first year of launch. The CEO credits this growth momentum for attracting investor interest and confidence, ultimately leading to the new funding round.
LemFi’s recent success has also led to its Series B funding, which was led by Highland Europe, a London-based growth-stage investment firm that backs startups with more than €10 million in annualized revenues. Existing investors Endeavor Catalyst, Left Lane Capital, Palm Drive Capital, and Y Combinator also participated in the round, bringing LemFi’s total funding to $85 million.
The company plans to use this new capital to extend its offerings, scale payment network licenses and partnerships to provide hyper-localized services, and recruit talent for its next growth phase. With over 300 employees across Europe, North America, Africa, and Asia, it seems the fintech is on a mission to continue scaling rapidly.
Olalere noted that while regulations in each market are complex and there are more stakeholders involved, LemFi’s adaptable technology makes it easier for the company to plug and play different payment methods and schemes. This adaptability will allow them to expand into new markets, particularly targeting areas with significant diaspora populations.
In the coming year, LemFi is looking to enter several European markets, starting with a big focus on Europe in 2024.
Source: techcrunch.com
