LemFi secures $53 million in Series B funding to expand into new markets.

16th January 2025
LemFi, a US-based fintech start-up focused on providing financial services for immigrants, has raised $53 million in a Series B funding round, led by venture capital firm Highland Europe.
LemFi, a US-based fintech start-up focused on financial services for immigrants, has raised $53 million in a Series B funding round led by Highland Europe. This round also saw participation from existing investors Left Lane Capital, Palm Drive Capital, and Y Combinator, bringing LemFi’s total capital raised to $86 million, following a $33 million Series A in August 2023.

Founded in 2021, LemFi provides a variety of international payment services, including multi-currency global accounts, physical and virtual cards, and cross-border money transfers to over 22 countries in Africa, Asia, and Europe. The company serves more than one million users across Europe and North America, facilitating remittances to emerging markets such as Kenya, Senegal, Cameroon, India, and Pakistan.

LemFi has recently surpassed $1 billion in monthly transaction volume and reported a 30% month-on-month growth in platform activity.

With its new funding, LemFi plans to expand its platform with additional features, increase payment network licenses and partnerships, and ramp up global hiring, including in the recently launched Chinese market.

Co-founder and CEO Ridwan Olalere commented, “This funding will help us advance our mission to become the global financial services hub for immigrants by adding new features and expanding to new countries.”