Remittance-focused fintech startup LemFi secures $53 million in a Series B funding round to support its expansion into Europe. Leading the investment is Highland Europe, with additional contributions from existing partners including Endeavor Catalyst, Left Lane Capital, Palm Drive Capital, and Y Combinator. This latest development brings LemFi’s total funding to $85 million.
Currently operating in 22 countries, LemFi plans to use the funds to expand its global payment network licenses, strengthen partnerships, and deliver localized services tailored to its diverse customer base.
The company partners with payment infrastructure provider Modulr and acquires an Ireland-based firm, paving the way for its independent operations in Europe next month while awaiting a full European license. To support this growth phase, LemFi commits to hiring additional talent and enhancing its operational capabilities.
Founded in 2019 by Ridwan Olalere and Rian Cochran, LemFi employs over 300 people across Europe, North America, Africa, and Asia. Its revenue model relies on transaction fees and foreign exchange spreads. With its recent expansion, the company now operates in 27 send-from markets and supports remittances to 20 destination countries.
After entering the U.S. market in 2023, LemFi expands into key remittance corridors, including China, India, and Pakistan in 2024, bringing in experienced executives from major companies such as Terrapay, DeliveryHero, and OPay to support its growing operations.
- LemFi processes $1 billion in monthly payments, a dramatic rise from $2 billion annually in 2023.
- The company experiences substantial growth in user engagement, revenue, and transaction volumes over the past two years.
- Asia remains a significant contributor, generating $160 million in monthly transaction volume, with a 30% month-on-month growth rate.
Looking ahead, LemFi plans to introduce customer cards in the U.S., U.K., and Canada while strengthening its service offerings to meet growing market demands.
