LemFi, a UK-based fintech focused on remittances for immigrant communities, has raised $53 million in a Series B round led by Highland Europe. The funding brings LemFi’s total raised to $85 million, fueling its rapid global expansion.
Launched in 2020, LemFi now serves over 1 million users, facilitating money transfers across 27 sending markets and 20 receiving countries — including Nigeria, India, Pakistan, and China. With $1 billion in monthly payment volume, its Asian corridor alone is contributing $160 million monthly, growing at 30% month-over-month.
LemFi differentiates itself with advanced fraud detection, competitive fees, and a strong user experience, helping retain 70% of its earliest users. The company has recently entered Europe via a partnership with Modulr and an acquisition in Ireland, extending its regulatory footprint.
With over 300 employees across four continents, LemFi plans to use the new funds to scale its licenses, expand services, and deepen localization — targeting key immigrant populations in Europe and beyond.
Co-founder & CEO Ridwan Olalere stated,
“Scaling has become easier with our adaptable tech that plugs into local payment systems. Europe is a major focus for our next growth phase”
