LemFi, a fintech startup that provides cross-border payments for immigrants, has raised $33 million in Series A funding. The round was led by Left Lane Capital, with participation from Y Combinator, Zrosk, Global Founders Capital, and Olive Tree.
The funding will be used to expand LemFi’s product offering to Europe, the Middle East, and Asia, as well as innovate new product offerings according to the needs of its users. The company also plans to use the funding to expand its team and build out its infrastructure.
LemFi was founded in 2020 by Ridwan Olalere and Rian Cochran. The company’s mission is to make it easier and cheaper for immigrants to send money home. LemFi offers a mobile-first platform that allows users to send money to over 100 countries in minutes. The company charges a flat fee of $2 per transfer, which is significantly lower than the fees charged by traditional banks and remittance companies.
LemFi has already processed over $100 million in transactions since its launch. The company is currently available in Canada, the UK, and the US. With the new funding, LemFi plans to expand to more countries in the coming months.
“We are excited to partner with Left Lane Capital and other leading investors to help us expand our reach and make it even easier for immigrants to send money home,” said Ridwan Olalere, CEO of LemFi. “We believe that cross-border payments are the future of financial services, and we are committed to providing the best possible experience for our users.”
“LemFi is a leading player in the cross-border payments space,” said Matthew Miller, Principal at Left Lane Capital. “The company has a strong team and a clear vision for the future. We are excited to partner with them as they continue to grow and expand.”
LemFi’s also recently launched in the US which is a significant milestone for the company. The US is home to the largest African diaspora in the world, and there is a growing demand for secure and affordable cross-border payment solutions. LemFi’s US launch will make it easier for African immigrants to send money home to their families and loved ones.