In January 2025, the fintech secured $53 million in a Series B funding round, led by Highland Europe, bringing its total funding to $85 million. The company plans to use these funds to establish itself as the primary financial services platform for immigrants.

LemFi is a fintech solution developed by a Nigerian startup, enabling diaspora communities in Europe and North America to transfer funds from African countries. Founded in 2021 by Ridwan Olalere and Rian Cochran as Lemonade Finance, the company rebranded as LemFi in 2023.

In January, the Nigerian fintech raised $53 million to develop its products, strengthen its global presence as a financial services hub for immigrants, and support its growth. "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," said Ridwan Olalere.

The solution features a mobile application available on iOS and Android, where it has been downloaded more than a million times, according to Play Store data. Users create an account to access LemFi’s services. In addition to international money transfers, the fintech offers the creation of international accounts, requests for money from relatives, and the generation of payment links.

Transfers via LemFi can be made directly to bank accounts, mobile wallets, or other available options. Transaction fees are nonexistent for certain destinations and relatively low for others. The Nigerian startup is backed by various entities, including the California-based accelerator Y Combinator, which selected it for its Summer 2021 cohort.

By Adoni Conrad Quenum,

Editing by Feriol Bewa