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  LemFi, a Nigerian FinTech startup that provides financial services to immigrant communities across the world, has secured $53 million in Series B funding. According to official communication from the startup, this support enables it to expand into Europe with the acquisition of an existing firm there.
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The funding round was led by Highland Europe, a UK-based investment firm. There was also participation from previous investors, such as Endeavour Catalyst, Left Lane Capital, Palm Drive Capital, and Y Combinator. This latest financial infusion brings LemFi’s total fundraising over time to $85 million. It had wrapped up its Series A funding round back in 2023. It has also been revealed that the startup acquired an Irish firm in a bid to establish a presence in Europe. This move was made possible by the funding it just announced. It adds to the already existing markets in which its remittance and payment services are available.
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Founded in 2021 by Ridwan Olalere and Rian Cochran, LemFi is rapidly becoming a force to reckon with in the cross-border payments space. It currently employs more than 300 persons spread across several time zones and serves a large and continually expanding global market. At the moment, LemFi boasts more than 1 million users, many of whom utilize its platform to send money from their locations in Europe and North America to recipients in countries like Nigeria, Kenya, India, Pakistan and China. It is looking to add more regions to this list in the near future. The FinTech recently crossed a major milestone; it processed over $1 billion in transactions within a single month. With greater play in Asia on the cards, this figure is set to rise even further. Besides firming up its footing in Europe, LemFi says it will deploy the funds it’s raised to extend its financial service offerings, scale its payment network licenses and partnerships, and strengthen its team with new hires from all over the world.
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Sam Brooks, Partner at Highland Europe, said in a statement that his firm was excited about LemFi’s continuing international expansion”, and that they were interested in helping the startup establish itself in even more markets.
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This article was first published on 23rd January 2025
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ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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