Newscenter Media News LemFi, a fintech platform transforming how immigrant communities access financial services, has raised $53 million in Series B funding led by Highland Europe with participation from previous investors Left Lane Capital, Palm Drive Capital, Endeavor Catalyst and Y-Combinator.
The new round of the firm which was co-founded by Ridwan Olalere (CEO of LemFi) and Rian Cochran, CFO, and Partner at Highland Europe, now brings its total capital raised to $85 million to date.
According to Olalere, the funding will boost the company’s mission to build the go-to financial services hub for immigrants globally and also adding new features to the platform to expand to new countries.
He said; “When we started building LemFi, we were told remittance had already been solved. But for too many people, it is still too slow, cumbersome and expensive with customers telling us that in some instances it was cheaper to send money from the US via Canada than directly to their families back home.
“By targeting the communities most in need, we’ve built LemFi into the go-to remittance service for one million people, supporting them in building wealth across 20 countries. We’re not stopping there: this new funding will support us in our mission to build the financial services hub for immigrants globally from adding new features to expanding to new countries. We’re delighted to be partnering with Highland to help us scale LemFi into a fintech giant.”
According to Rian, the company with over one million users across Europe and North America sending money to emerging markets, including India, Kenya, Nigeria and Pakistan, has a mission to provide trusted financial services for immigrant communities.
He said; “LemFi’s mission to provide trusted, reliable access to financial services for immigrant communities has inspired an incredibly loyal customer base and has generated impressive growth over the past several years. In addition to the success in initial geographies, we are excited by LemFi’s continuing international expansion given the extent of the global problem we are solving.”
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