Africa-Focused Remittances Fintech Lemfi Raises $33 Million in Series A Funding Round

An Africa-focused remittances platform, Lemfi, precocious said it has raised $33 cardinal successful a Series A circular led by Left Lane Capital. Lemfi said it volition usage the superior rise to “expand its merchandise offering to the United States, Europe, the Middle East, and Asia.”

Making Remittances Less Complicated

Lemfi, an Africa-focused remittances platform, precocious raised a $33 cardinal successful a Series A circular which was led by Left Lane Capital. In a press statement, Lemfi, which has a beingness successful Canada and the U.K., said it volition usage the superior rise to “expand its merchandise offering to the United States, Europe, the Middle East, and Asia.”

In comments accompanying the superior rise announcement, Ridwan Olalere, a co-founder and CEO of Lemfi, seemingly characterized the palmy circular arsenic an endorsement of the company’s nonsubjective of making fiscal services much accessible to immigrants. Olalere, who claims to person seen first-hand the challenges faced by migrants, besides spoke of however Lemfi’s merchandise offering has already made things little analyzable for much than fractional a cardinal people.

We’ve already made beingness easier for implicit fractional a cardinal people, but we’re lone conscionable getting started. Our merchandise is simply a crippled changer for users since accepted banks and different starring neo-banks person ever steered wide of little communal oregon much volatile currencies.

Olalere besides suggested that earlier startups similar Lemfi came along, galore migrants were forced to usage unsafe and informal channels erstwhile sending funds to their loved ones.

Launched successful 2020 to alteration low-cost remittance payments to Nigeria, Ghana, and Kenya, Lemfi has since added 10 caller African remittance corridors. The summation followed the fintech startup’s acquisition of the licensed U.K.-based Rightcard Payment Services successful precocious 2021. According to a property statement, Rightcard Payment Services has besides secured an International Money Transfer Operator (IMTO) licence from the Nigerian cardinal bank.

Matthew Miller, main astatine Left Lane Capital, lauded Lemfi’s willingness to physique a “robust web of fiscal instauration partners to facilitate cross-border payments for immigrants.” Miller added that his enactment is blessed to enactment Lemfi’s aboriginal endeavours.

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