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About LemFi
Industries
Fintech
Financial Services
Company Size
201-500
Company Stage
Series B
Total Funding
$84.5M
Headquarters
Oakland, California
Founded
2020
Overview
LemFi offers international money transfer services specifically designed for immigrants, allowing them to send and receive money across more than 12 African countries. The platform operates in the United States, United Kingdom, and Canada, focusing on the financial needs of the immigrant community. Users can transfer money without incurring fees for spending their own funds, making it a budget-friendly option. Additionally, LemFi features an Ambassador Programme that enables users to earn points and rewards, providing them with extra income opportunities. With over 100,000 customers, LemFi aims to transform financial services for immigrants, addressing their challenges in accessing financial resources.
Simplify's Take
What believers are saying
- LemFi raised $53M to expand into Europe and Asia, boosting market presence.
- Acquisition of a European firm aids LemFi's smooth market entry and local insights.
- Partnership with Modulr strengthens LemFi's regulatory compliance in Europe.
What critics are saying
- Increased competition from established financial institutions may challenge LemFi's market share.
- Regulatory scrutiny in Asia and Europe could slow LemFi's expansion plans.
- Currency fluctuations in African markets may affect LemFi's cost-effectiveness.
What makes LemFi unique
- LemFi offers zero transaction fees, attracting cost-conscious immigrant users.
- The Ambassador Programme provides users with rewards, enhancing customer engagement.
- LemFi's focus on competitive exchange rates appeals to the African diaspora.
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Funding
Total Funding
$84.5M
Above
Industry Average
Funded Over
4 Rounds
Y CombinatorIndustry standards
Benefits
Remote Work Options
Flexible Work Hours
Growth & Insights and Company News
6 month growth
↑ 0%1 year growth
↑ 0%2 year growth
↑ 2%African startups raised $289 million in January 2025, a 240% increase from January 2024, marking the second-best January since 2019. Over 90% of the funds were from equity financing. The "Big Four" ecosystems—Nigeria, Kenya, Egypt, and South Africa—dominated, with major deals including LemFi's $53 million for expansion into Asia and Europe. This strong start signals renewed confidence in Africa's startup ecosystem, which faced funding challenges in 2023 and 2024.
LemFi raises $53 million to expand global footprint in Asia and Europe.
Coming from South Africa but living in Europe, I can tell you that sending money to family and friends back home is a bit of a nightmare. Typically you must use a traditional bank, which can take a week or more, or payment apps like PayPal
LemFi, a Nigerian fintech company specializing in cross-border remittance services, has raised $53 million in a funding round led by Left Lane Capital, with additional participation from Y Combinator, Palm Drive Capital, and new investors like Endeavor Catalyst, bringing LemFi's total funding to $85 million, according to TechCrunch.
LemFi, a financial services platform for immigrant communities, has raised $53 million in a Series B funding round led by Highland Capital.
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About LemFi
Industries
Fintech
Financial Services
Company Size
201-500
Company Stage
Series B
Total Funding
$84.5M
Headquarters
Oakland, California
Founded
2020
LemFi is Hiring for 0 Jobs on Simplify!
Find jobs on Simplify and start your career today