Lemfi, a fintech firm specializing in remittances targeting African markets, has successfully completed a Series A financing round, amassing $33 million. The fundraising effort was spearheaded by Left Lane Capital. The influx of capital will enable Lemfi to broaden its financial services to new markets including the United States, Europe, the Middle East, and Asia.
Simplifying Cross-Border Financial Transactions
In a formal press release, Lemfi, which currently operates in Canada and the United Kingdom, indicated that the funds will be deployed to extend its service offerings into multiple international markets.
Alongside the announcement, Ridwan Olalere, the CEO and Co-Founder of Lemfi, interpreted the fruitful funding round as an affirmation of the firm’s commitment to enhancing financial accessibility for immigrant populations. Olalere, who has personally witnessed the difficulties encountered by migrants, emphasized that Lemfi’s services have already simplified financial transactions for more than 500,000 individuals.
“We have already improved the lives of over half a million people and we’re just in the initial stages of our journey. Our financial solutions are revolutionary for our clients as traditional banking systems, as well as emerging neo-banks, generally avoid dealing with less prevalent or unstable currencies,” Olalere stated.
Broadening the Remittance Corridor
Originally launched in 2020 to provide affordable remittance solutions for Nigeria, Ghana, and Kenya, Lemfi has subsequently introduced 10 additional remittance routes within Africa. This expansion came on the heels of the company’s acquisition of the UK-licensed Rightcard Payment Services in late 2021. As per an official statement, Rightcard Payment Services has also been granted an International Money Transfer Operator (IMTO) license by the Central Bank of Nigeria.
Matthew Miller, a principal at Left Lane Capital, commended Lemfi’s proactive approach to formulating a “comprehensive network of financial institution partnerships that streamline cross-border payments for immigrants.” Miller further conveyed that his firm is enthusiastic about backing Lemfi in its forthcoming ventures.
African Financial Newsletter
Frequently Asked Questions (FAQs) about Series A funding
What is Lemfi and what does it specialize in?
Lemfi is a fintech firm that specializes in remittance services targeting African markets. The company aims to make cross-border financial transactions simpler and more accessible, particularly for immigrants.
How much has Lemfi raised in its Series A funding round?
Lemfi has successfully secured $33 million in its Series A funding round.
Who led the Series A funding for Lemfi?
The Series A funding round for Lemfi was led by Left Lane Capital, a venture capital firm.
What will Lemfi use the newly acquired funds for?
Lemfi plans to utilize the $33 million in capital to expand its service offerings to new international markets including the United States, Europe, the Middle East, and Asia.
What was the reason behind Lemfi’s acquisition of Rightcard Payment Services?
The acquisition of the UK-licensed Rightcard Payment Services in late 2021 was part of Lemfi’s strategy to broaden its remittance corridors. Rightcard also holds an International Money Transfer Operator (IMTO) license from the Central Bank of Nigeria.
Who is Ridwan Olalere and what role does he play at Lemfi?
Ridwan Olalere is the Co-Founder and CEO of Lemfi. He sees the successful funding round as an endorsement of Lemfi’s mission to enhance financial accessibility for immigrants.
How many people has Lemfi’s service impacted so far?
Lemfi’s services have simplified financial transactions for more than 500,000 individuals, particularly migrants.
What was Matthew Miller’s take on Lemfi’s Series A funding?
Matthew Miller, a principal at Left Lane Capital, commended Lemfi’s proactive approach in forming comprehensive financial institution partnerships and expressed enthusiasm in supporting Lemfi’s future endeavors.
What new markets has Lemfi expanded into?
Initially launched to serve Nigeria, Ghana, and Kenya, Lemfi has added 10 new African remittance corridors as part of its expansion strategy.
More about Series A funding
- Lemfi Official Website
- Left Lane Capital
- Series A Funding Explained
- Cross-border Remittance Market Overview
- Central Bank of Nigeria IMTO Regulations
- Financial Inclusion and Immigrants
- Rightcard Payment Services
- Fintech Industry Trends
- African Financial Markets