ClearBank & LemFi to provide more financial support to immigrants
By Gloria Methri
ClearBank has announced its partnership with LemFi (formerly known as Lemonade Finance), a FinTech platform transforming financial services for immigrants.
LemFi was established in 2020 to offer payment services for the African diaspora in North America and Europe. Last year, the payments company acquired Rightcard Payment Services in the UK, which holds an EMI license, allowing it to provide its customers with e-wallets.
ClearBank is providing LemFi with agency banking services, powering its e-wallet offering in the UK to provide African immigrants with an alternative to traditional banking. LemFi selected ClearBank as its agency banking partner due to its robust payments and advanced banking infrastructure which supports local virtual accounts and access to secure UK payment rails.
The partnership has gone from strength to strength, with payment volumes up to 550,000 transactions in September 2023. This is in addition to 37,000 virtual accounts held with ClearBank for its e-wallet offering, with customer numbers continuing to grow each month.
Ridwan Olalere, CEO at LemFi, said, “At LemFi, our mission has always been to make financial services accessible to everyone. By partnering with ClearBank, and leveraging its technology and banking licence, we are building a proposition that improves the quality and accessibility of financial services for emerging market immigrants. We are delighted with our relationship so far and as we continue to grow; we are looking forward to expanding the relationship even further.”
John Salter, Chief Customer Officer at ClearBank said, “We are excited about enabling LemFi to deliver on its mission through flexible, secure, and compliant banking infrastructure. ClearBank is dedicated to partnering with organisations that make banking services more accessible, particularly to previously underserved populations. We are thrilled to continue and expand our work with LemFi, not just as a business venture but as an opportunity to serve markets considered hard to reach.”
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February 22, 2024
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