Remittance Service Provider LemFi Secures $53 Million in Funding to Expand Global Reach

LemFi has secured a whopping $53 million in new funding to drive its remittance services further into the Asian and European markets. The fintech giant has been making waves lately, and it’s not hard to see why.

As we reported earlier, LemFi recorded an astonishing $2 billion in annual transaction volume in 2023 alone. Fast forward to today, and the company is now processing a staggering half that amount – $1 billion – in monthly payment volume. This exponential growth can be attributed to its strong adoption rates in Asia, which has raked in a staggering $160 million in monthly TPV since its launch.

The company has doubled users, revenue, and transactions over the past two years, earning it investor confidence and interest. The latest funding will enable LemFi to expand its offerings, scale payment network licenses and partnerships, and recruit top talent for its next phase of growth.

Interestingly, Olalere credits the surge in adoption to its adaptable technology that can easily integrate with different payment methods and schemes. This flexibility has made it easier for them to scale globally while maintaining compliance with market-specific regulations.

“We intend to go to as many markets as we have a significant number of immigrants, starting now with Europe this year,” Olalere stated during an interview.

LemFi currently boasts over 300 employees across four continents, including Europe, North America, Africa, and Asia.

Source: techcrunch.com