LemFi raises $33m to transform financial services for immigrants

LemFi has raised $33m in its latest funding round, as the FinTech platform looks to transform financial services for immigrants all around the globe.

The California-based FinTech raised the capital through its Series A funding round, that was led by Left Lane Capital, and also featured investment from Y-Combinator, Zrosk, Global Founders Capital, and Olive Tree.

LemFi’s founders, Ridwan Olalere and Rian Cochran, first joined forces in 2020 to solve these challenges with a vision to build a platform that empowers the next generation of immigrants. Now they believe this funding can help knock down the barriers that immigrants face when  trying to access financial services.

Ridwan Olalere, LemFi co-founder, said: “Our product is a game changer for users since traditional banks and other leading neo-banks have always steered clear of less common or more volatile currencies.

“This has driven immigrants to often use unsafe, informal channels or to stitch together several other services to solve some of their basic financial needs. Until now.”

In 2020, LemFi launched in Canada to enable easy and low-cost remittance payments to Nigeria, Ghana, and Kenya. By 2021, the company quickly expanded to the UK, and in parallel, broadened its reach by enabling 10 new African remittance corridors.

Today, within minutes of residency, a user can onboard with LemFi and use its multi-currency offering to send, receive, hold, convert and save in the currencies of both their country of origin and country of residence.

In addition, LemFi also offers instant international transfers at the best exchange rates with zero fees on transfers or account maintenance.

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