LemFi's Zero-Fee Remittance Platform Just Raised $53M—Find Out How It’s Changing the Game!

Sending money back home can often feel like a hassle—especially if you're part of an immigrant community. Traditional banks are slow and expensive, while apps like PayPal or Wise charge hefty fees. For many, the process feels outdated.

That’s where LemFi comes in. Founded in 2021, this innovative fintech company is making waves in the remittance industry by offering a fast, affordable way for people in North America and Europe to send money to their families in countries like China, India, Nigeria, and Kenya. While South Africa isn’t yet on the list, LemFi’s rapid growth suggests it won’t be long before it expands there.

LemFi has already reached 1 million customers and facilitates a staggering $1 billion in transactions each month. The platform’s success is especially evident in Asia, where remittance volumes are growing by 30% month-on-month. Recently, the company expanded its operations into Europe, tapping into the global remittance market, which is projected to exceed $1.3 trillion by 2032.

This success has caught the attention of investors. LemFi has just secured $53 million in Series B funding, led by Highland Europe, a London-based venture firm, with participation from Left Lane Capital, Palm Drive Capital, and Y-Combinator. This new investment brings the total raised by LemFi to $85 million.

Ridwan Olalere, LemFi’s CEO and co-founder, recalls how they were initially told that the remittance issue had already been solved. But the team quickly realized that for many, the process is still slow, cumbersome, and costly. “In some cases, it was actually cheaper to send money from the US to family via Canada than directly,” Olalere explains.

Originally from Nigeria, Olalere co-founded LemFi alongside Rian Cochran, a Norwegian entrepreneur. The two met while working at Nigerian fintech giant OPay, which was incubated by Opera, a Norwegian tech company.

With this new round of funding, LemFi is preparing for even greater growth. The company plans to roll out new features, enter more markets, and continue offering zero-fee transactions for most countries (except for India, China, and Pakistan). LemFi generates its revenue from currency exchanges, relying on high transaction volumes to maintain profitability while keeping costs low for users.

Though LemFi is gaining significant traction, it faces stiff competition from established players in the remittance fintech space. Companies like Remitly, Zepz, and Taptap Send are all vying for market share in this expanding industry.

As LemFi continues to grow, it’s clear that the startup is making its mark on the future of remittance services, providing a modern solution for immigrants who need an affordable, efficient way to send money home.