Home Startups LemFi Secures $53 Million to Fuel Global Expansion

LemFi Secures $53 Million to Fuel Global Expansion

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LemFi, a cross-border payments company, has raised $53 million in a Series B funding round to accelerate customer acquisition and expand its global footprint.

The round was led by Highland Europe, with participation from existing investors Endeavor Catalyst, Left Lane Capital, Palm Drive Capital, and Y Combinator.

This brings LemFi’s total funding to $85 million.

LemFi plans to utilize the new funding to expand its offerings, scale its payment network licenses and partnerships, and recruit talent to support its continued growth

Founded in 2020 by Ridwan Olalere who is the Chief Executive Officer (CEO) and Rian Cochran the Chief Financial Officer (CFO), the fintech has rapidly grown by facilitating money transfers for diaspora communities in North America and Europe to emerging markets across Africa, Asia, and Latin America.

The company now boasts over one million active users who utilize its multi-currency accounts to send money to friends and family in countries such as Nigeria, Kenya, India, China, Pakistan, and 15 others.

“Fraud can significantly drive up costs. Higher costs often mean passing them on to customers through additional fees. We’ve managed to keep our fraud rate extremely low, allowing us to offer customers the best possible prices. We’ve built a brand and reputation in certain communities because of that, as well as our user experience, which makes our customers refer it to their friends. That has helped us differentiate and grow even faster than you would expect in such a competitive market,” said LemFi co-founder and CEO, Mr Olalere.

The company has experienced significant growth, with its monthly payment volume reaching $1 billion, driven by strong adoption in the Asian market, which contributes $160 million in monthly transaction volume.

Also, it is worth noting that, the company has doubled its user base, revenue, and transactions over the past two years.

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