Nigerian-born fintech startup LemFi has secured a $53 million Series B funding round to fuel its rapid expansion of remittance and digital financial services into Asia and Europe, marking a major milestone for the company’s global ambitions.
The round was led by Highland Europe, a London-based growth investor, with continued support from existing backers including Left Lane Capital, Palm Drive Capital, Y Combinator, and Endeavor Catalyst. With this latest injection of capital, LemFi’s total funds raised now exceed $85 million since its founding.
LemFi’s expansion strategy is rooted in its mission to lower the cost and friction of cross-border money transfers for the global diaspora — particularly African communities living abroad. The startup’s platform, which already processes over $1 billion in monthly transactions, enables users in Europe, North America, and other regions to send money to emerging markets with competitive fees and speed.
Global Growth and Market Reach
LemFi was established in 2021 by Nigerian entrepreneur Ridwan Olalere and his co-founder as a solution to the high cost and slow speed traditionally associated with remittances. Today, the company serves millions of users worldwide and has expanded its services beyond Africa into key corridors across Asia and Europe.
Part of LemFi’s expansion play includes strategic moves such as acquiring Irish currency exchange platform Bureau Buttercrane, a deal approved by the Central Bank of Ireland, which grants LemFi regulatory access across the European Economic Area (EEA) and strengthens its foothold in the continent’s financial ecosystem.
What’s Next for the Fintech
With the new funding, LemFi plans to:
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Grow its remittance corridors further into Asia and Europe with localized services and partnerships.
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Obtain more regional licenses to support compliant operations in additional countries.
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Develop additional financial products, including customer cards and full-stack services for immigrant and diaspora users.
Industry analysts say the deal highlights the continuing appeal of African fintech innovation on the global stage — especially in markets where high remittance costs have left millions underserved by traditional banks.
