Financial services platform, LemFi tailored for immigrants, has raised $53 million in funding to drive customer acquisition and expand its presence in additional markets.
Founded in 2020, LemFi has grown rapidly by enabling diaspora communities in North America and Europe to send money to emerging markets across Africa, Asia, and Latin America. The fintech firm now boasts more than 1 million active users who rely on its multi-currency accounts to send funds to countries including Nigeria, Kenya, India, China, Pakistan, and others.
Last week, LemFi extended its reach in Europe through a partnership with embedded finance provider Modulr. The collaboration facilitates the company’s operations ahead of securing a license next month following the acquisition of an Ireland-based firm. With this development, LemFi now operates in 27 sending markets and 20 receiving countries.
A key driver of LemFi’s growth has been its focus on fraud prevention. A recent report highlights that individuals sending money internationally face nearly four times the risk of financial fraud compared to domestic transactions.
LemFi processed more than $2 billion in transaction volume in 2023. Currently, the platform handles $1 billion in monthly payment volume, CEO Olalere told TechCrunch. He attributed this surge to strong adoption in the Asian corridor, which now accounts for $160 million in monthly transaction volume and is growing by 30% month-on-month during its first year of operation.
Over the past two years, the company has doubled its user base, revenue, and transaction volume, a performance that has drawn increased investor confidence. This momentum helped secure a $53 million Series B funding round led by Highland Europe, with participation from existing investors Left Lane Capital, Palm Drive Capital, and Y Combinator, as well as new backers like Endeavor Catalyst. The latest funding brings LemFi’s total raised to $85 million.
The company plans to use the funding to enhance its services, expand its licensing and partnerships for localized offerings, and recruit talent to support its next phase of growth. LemFi employs more than 300 people across its offices in Europe, North America, Africa, and Asia.
