Nigerian fintech, LemFi, has raised $53 million in series B funding according to TechCrunch. This funding round was led by Left Lane Capital and saw the participation of Y Combinator.
“We’ve kept our fraud rate extremely low, which allows us to offer competitive prices and build trust in immigrant communities,” said LemFi CEO Ridwan Olalere. “Our user experience and reputation drive referrals, fueling faster growth in this competitive market.”
Back in 2023, LemFi raised $33 million which helped it expand operations to China, India and Pakistan. With the latest funding, the company will expand to more countries including the UK and Germany. All the necessary regulatory approvals have been secured ensuring compliance with local financial laws.
LemFi, founded by Ridwan Olalere and Rian Cochran in 2020, allows Africans in the diaspora to hold, send and receive money in multiple currencies. The company boasts over 1 million active users who rely on its multi-currency accounts to transfer money to family and friends across Nigeria, Kenya, India, China, Pakistan among others.
LemFi has very competitive exchange rates, offers zero transaction fees and instant transfer capabilities. It processes $1 billion in monthly transaction volume with the Asian corridor generating $160 million in monthly payments and growing 30% month-on-month.
Now Read: LemFi Receives CBK Approval to Facilitate Remittances to Kenya, in partnership with Wapi Pay
