LemFi, a Gatineau, Canada-based provider of a fintech platform providing financial services for immigrants, raised $33M in Series A funding.
The round was led by Left Lane Capital with participation from Y-Combinator, Zrosk, Global Founders Capital, and Olive Tree.
The company intends to use the funds to expand its product offering to the United States, Europe, the Middle East, and Asia, as well as innovate on new product offerings according to the needs of its users.
Founded by Ridwan Olalere and Rian Cochran, LemFi provides financial services to migrant communities across the globe. In 2020, the company launched in Canada to enable 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.
LemFi acquired UK-based Rightcard Payment Services in late 2021. Through the acquisition, it obtained an Electronic Money Institution (EMI) license from the UK’s Financial Conduct Authority to provide customers with more services, such as higher transaction limits, e-money accounts, and more.
FinSMEs
27/08/2023