Remittance-focused fintech startup LemFi has raised $53 million in a Series B funding round, marking a major step in its global expansion. This funding, led by Highland Europe, will enable LemFi to broaden its presence in Europe, enhance its payment network, and deliver hyper-localized services.
Details of the Funding Round
Highland Europe, a growth-stage investment firm, led the Series B round, with contributions from Endeavor Catalyst, Left Lane Capital, Palm Drive Capital, and Y Combinator. With this latest round, LemFi’s total funding now stands at $85 million.
How LemFi Plans to Use the Funds
The $53 million raised will be allocated toward:
- European Expansion: LemFi plans to commence operations in Europe next month, leveraging a recent acquisition in Ireland.
- Global Partnerships: The company will invest in licenses and partnerships to strengthen its global payment network.
- Localized Services: It aims to deliver tailored services to meet the needs of its diverse customer base.
- Talent Acquisition: LemFi will continue hiring to support its rapid growth, adding to its team of over 300 employees worldwide.
LemFi currently serves African immigrants in 22 countries and processes $1 billion in monthly payment volume. This is a significant leap from 2023, when it handled $2 billion annually. The company’s success is fueled by strong adoption in the Asian remittance corridor, which contributes $160 million in monthly transaction volume and grows 30% month-on-month.
Expanding into New Markets
Since 2023, LemFi has entered major remittance markets, including:
- United States: Expanded operations last year.
- China, India, and Pakistan: Entered these markets in 2024, supported by strategic hires from companies like Terrapay and DeliveryHero.
Innovations and Future Plans
LemFi’s growth strategy includes launching new services, such as:
- Customer Cards: Rolling out cards in the US, UK, and Canada.
- Localized Offerings: Tailoring services for diverse user needs.
With its European license expected next month, LemFi is poised to operate independently across the continent, further cementing its position as a leader in remittance-focused fintech.
As LemFi secures $53 million to expand into Europe, the fintech startup is set to redefine cross-border remittances with innovative services and a strong global presence. With a clear focus on localization and growth, LemFi is paving the way for seamless financial connectivity worldwide.