London based fintech LemFi raises a $53 million series B funding round #LemFi, a London-based #fintech focused on serving diaspora communities, has raised?$53 million in Series B funding?to further expand its presence in Asia and Europe. Founded in 2020 by?Ridwan Olalere?and?Rian Cochran, who previously collaborated at African fintech unicorn OPay, LemFi has grown rapidly by enabling seamless and cost-effective remittances from North America and Europe to emerging markets in Africa, Asia, and Latin America. With over?1 million active users, LemFi provides multi-currency accounts that facilitate money transfers to 20 countries, including Nigeria, Kenya, India, China, and Pakistan. The platform has processed over?$1 billion in monthly transaction volume, driven by robust adoption in the Asian corridor, which accounts for $160 million in monthly payments and is growing by 30% month-on-month. The Series B round, led by London-based?Highland Europe, also saw participation from existing investors?Left Lane Capital,?Palm Drive Capital, and?Y Combinator, as well as new backers?Endeavor Catalyst. This funding brings LemFi’s total capital raised to?$85 million?and will support its efforts to scale operations, expand payment licenses and partnerships, and grow its team, which already exceeds 300 employees across four continents. CEO Ridwan Olalere attributes much of the company’s success to its strong user experience and word-of-mouth referrals, with 70% of its earliest users still active on the platform and 60% of its customer base engaging annually. In 2023, LemFi recorded over $2 billion in annual transaction volume, a figure that has doubled in just two years alongside its user base and revenue. The article on TechCrunch in the first comment.
Michele Mattei
1 个月
The article on #techcrunch: https://techcrunch.com/2025/01/13/lemfi-moves-remittances-further-into-asia-and-europe-with-53m-in-new-funding/
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