LemFi secures $33 million in its Series A funding round

LemFi, previously known as Lemon Finance, has secured $33 million in its Series A funding round. The amount is set to facilitate its expansion further across the globe. The round, which was led by Left Lane Capital also saw Global Founders Capital, Olive Tree, and Y-Combinator participate.

LemFi’s Series A funding

LemFi was launched in Canada in 2020 with the goal of enabling immigrants to have better access to an array of financial services. At the start, it focused on facilitating seamless and low-cost remittances to Kenya, Ghana, and Nigeria. It then expanded to the United Kingdom while extending its reach to an additional 10 African remittance corridors.

Indeed, a year after its launch, the startup acquired UK-based Rightcard Payment Services. With that, it obtained an Electronic Money Institution to avail more services to its customers including e-money accounts and higher transaction limits.

Earlier in 2023, Rightcard acquired an International Money Transfer Operator license from Nigeria’s central bank. This enabled the fintech platform to avail its services in the African country via partnership with Nigerian banks.

With the recently secured funding, the immigrant-focused payments platform expects to expand further into Europe, the US, Asia, and the Middle East. This also involves developing new offerings that are based on the needs of its target customers.

The LemFi app allows users to sign up and enjoy its offering “within minutes of residency”. This includes sending, receiving, saving, and exchanging funds in the currency of their country of residence and country of origin. The platform is also keen on facilitating instant international money transfers at friendly exchange rates. Users also get to enjoy provisions like zero transfer fees and no charges for account maintenance.