Lemfi, a leading remittance startup catering to African immigrants across 22 countries, has raised $53 million in its Series B funding round, bringing its total funding to $85 million since its inception in 2019. The investment round, led by Highland Europe, positions the startup for an exciting new phase of growth, as it plans to expand into Europe and further its mission of improving financial services for African immigrants globally.
Highland Europe, a London-based growth-stage investment firm, was the driving force behind this funding, with follow-on investments from Endeavor Catalyst, Left Lane Capital, Palm Drive Capital, and Y Combinator. The infusion of capital will support Lemfi’s strategic expansion, which includes acquiring a Republic of Ireland-based company, giving it a foothold to operate independently in Europe starting next month.
The startup’s expansion into Europe follows its successful partnership with Modulr, which helped lay the groundwork for its European operations. As Lemfi continues to grow, it remains focused on providing localized services for customers and acquiring additional licenses and partnerships to enhance its offerings.
Lemfi has made tremendous progress, now processing $1 billion in monthly payment volume, a sharp increase from $2 billion in annual transaction volume in 2023. This growth reflects the strong adoption of Lemfi’s services, particularly in the Asian corridor, which has generated $160 million in monthly total payment volume (TPV), with an impressive 30% month-on-month growth since its launch in 2024.
As part of its expansion efforts, Lemfi plans to launch a card for customers in the US, the UK, and Canada. This will further diversify its product offerings while increasing its reach and customer engagement. The startup is also looking to scale its team, creating new opportunities for talent as it continues to scale globally.
Lemfi’s remarkable growth and ability to attract top-tier talent from companies like Terrapay, DeliveryHero, and OPay have positioned it as a formidable player in the remittance industry. With plans to continue expanding into high-potential markets such as China, India, and Pakistan, Lemfi’s future looks exceptionally promising.
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