LemFi Raises $33m Series A funding led by Left Lane Capital
By Gloria Mathias
LemFi, a FinTech platform for immigrants, has raised a $33 million Series A round led by Left Lane Capital. Other investors included Y-Combinator, Zrosk, Global Founders Capital, and Olive Tree.
Olalere and Cochran first met while building OPay – one of Africa’s most successful FinTech platforms. After combined decades of navigating the underlying complexities and regulatory nuances of cross-border payments in emerging markets, the two were uniquely positioned to leverage their experience as a launching pad for LemFi.
Olalere, LemFi’s CEO, drawing from his own experience as an immigrant, shared, “Having lived on three continents and leading a multicultural team, our mission is deeply personal: creating a world where financial services are universally accessible. We’ve already made life easier for over half a million people, but we’re only just getting started.”
A user can onboard with LemFi and use its multi-currency offering to send, receive, hold, convert and save in the currencies of both their country of origin and country of residence. In addition, LemFi also offers instant international transfers at the best exchange rates with zero fees on transfers or account maintenance.
“Our product is a game changer for users since traditional banks and other leading neo-banks have always steered clear of less common or more volatile currencies,” Ridwan Olalere explained. “This has driven immigrants to often use unsafe, informal channels or to stitch together several other services to solve some of their basic financial needs.”
“LemFi has been very deliberate and strategic in acquiring licenses and building a robust network of financial institution partners to facilitate cross-border payments for immigrants,” said Matthew Miller, Principal at Left Lane Capital. “We’re excited to support LemFi as it expands its product offering to serve more immigrant communities globally.”
LemFi remains committed to offering accessible and transparent financial services to migrant communities across the globe. With the conclusion of this latest investment round, the Company will seek to expand its product offering to the United States, Europe, the Middle East, and Asia, as well as innovate new product offerings according to the needs of its users.
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