Making Remittances Less Complicated
Lemfi, an Africa-focused remittances platform, recently raised a $33 million in a Series A round led by Left Lane Capital. The capital raise will be used to expand Lemfi’s product offering to the United States, Europe, the Middle East, and Asia.
Key Points:
- Lemfi aims to make financial services more accessible to immigrants.
- The platform has already made life easier for over half a million people.
- Traditional banks and leading neo-banks have avoided dealing with less common or volatile currencies.
- Migrants often had to rely on unsafe and informal channels to send funds before platforms like Lemfi.
- Lemfi launched in 2020 and now enables low-cost remittance payments to Nigeria, Ghana, and Kenya.
Lemfi expanded its African remittance corridors after acquiring the licensed U.K.-based Rightcard Payment Services. Rightcard Payment Services also obtained an International Money Transfer Operator (IMTO) license from the Nigerian central bank.
Matthew Miller, principal at Left Lane Capital, praised Lemfi for building a robust network of financial institution partners to facilitate cross-border payments for immigrants.
Hot Take:
Lemfi’s success in raising funds and expanding its services highlights the demand for accessible and affordable remittance solutions for immigrants. By addressing the limitations of traditional banks and providing safe and convenient options, platforms like Lemfi are making a significant impact on the lives of millions of people worldwide.
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