back Back

ClearBank & LemFi to provide more financial support to immigrants

By Gloria Methri

December 14, 2023

  • African Diaspora
  • Clearbank
  • E-wallet solutions

LemFi. Lemonade Finance, ClearBank, FinTech, Rightcard Payment Services, UKClearBank 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.”

Previous Article

December 14, 2023

Worldline Group expands APAC footprint with Singapore’s MPI license

Read More
Next Article

December 14, 2023

Qatar’s Lesha Bank migrates to Temenos core banking platform

Read More

IBSi Daily News Analysis

UK, Bank

July 12, 2024

African Diaspora

Global securities lending revenue sees sharp 16% decline to $2.53bn in Q2 2024, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 12, 2024

Nuvei and Mastercard team to enable crypto to fiat conversion

Read More

July 12, 2024

Payset and ClearBank partner for local and cross-border payments

Read More

July 12, 2024

Network International launches Business Payment Solutions with Mastercard

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
Wealth Management & Private Banking Systems Report Q2 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2024