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Nigerian LemFi Secures USD 53M in a Series B Round 

Nigerian LemFi Secures USD 53M in a Series B Round 
Image Source: LemFi Website
  • Nigerian LemFi raises USD 53 million in a series B funding led by Highland Europe
  • LemFi is a fintech startup with a platform aiming to transform how immigrant communities access financial services.
  • The startup aims to expand its financial services for immigrants globally.

Nigerian LemFi raises USD 53 million in a series B funding led by Highland Europe. This is with participation from Left Lane Capital, Palm Drive Capital, Endeavor Catalyst and Y-Combinator. Thus, increasing LemFi’s total funding to USD 85 million since its inception. 

LemFi is a fintech startup with a platform aiming to transform how immigrant communities access financial services. Furthermore, the platform enables diaspora in Europe and North America to move money to countries such as China, India, Nigeria, Kenya and Pakistan.

Remittances

With their launch in 2021, they began with international remittance and payments to ease financial hurdles. Thus, allowing users to open multiple currency accounts and send and receive money globally at a low cost.

LemFi attempts to tackle the issues immigrants face with remittances because incumbent banks and private agents charge high commission rates. Remittances are an important backbone of foreign exchange and yet traditional mechanisms continue to cause cumbersome issues for customers. Thus, they aim to target communities most in need with a go-to remittance service.

Sam Brooks, Partner at Highland Europe, 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.”

Global Expansion

With the funding, they aim to build out their platform to extend its financial services offering and hiring talent globally to support its next growth stage. Additionally, they seek to scale their payment network licences and partnerships to provide hyperlocalised service.

Ultimately, the startup aims to expand its services and serve as a financial service hub for immigrants globally.

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