LemFi Expands Money Transfer Services to Asia and Europe

by Giorgi Kostiuk

a year ago

LemFi, a leading financial technology platform, has secured $53 million to expand its services into Asia and Europe.

LemFi's Financial Platform and Growth

Since its emergence in 2020, LemFi has shown steady growth by assisting diaspora communities in North America and Europe to send money to Africa, Asia, and Latin America. With over 1 million active users, the company employs multi-currency accounts for transfers to countries like Nigeria, Kenya, India, China, and Pakistan.

Fraud Detection Measures

LemFi has gained recognition for its strong fraud detection capabilities. CEO Ridwan Olalere states that the company endeavors to minimize fraud rates to offer the best prices to its customers.

Fraud can significantly drive up costs. Higher costs often mean passing them on to customers through additional fees. We’ve managed to keep our fraud rate extremely low, allowing us to offer customers the best possible prices.Ridwan Olalere

New Achievements and Future Plans

In 2023, LemFi recorded over $2 billion in annual transaction volume. The new funding will enable the company to broaden its offerings into new markets and fortify partnerships. LemFi aims to focus on Europe this year.

The recent funding will allow LemFi to solidify its position in the global remittance market, especially focusing on countries with significant immigrant populations.

Rewards

More rewards

Discover enhanced rewards on our social media.

Other news

27 Million Drained from Ribbon Finance in Sophisticated Attack

A major exploit on Ribbon Finance resulted in the theft of 27 million from its old contract, with funds moved to multiple wallet addresses.

Emily Carter8 minutes ago

BlockDAG Remains a Contender in the Crypto Space

BlockDAG is recognized for its technical advancements but is facing challenges in the presale market compared to BlockchainFX.

Tomas Novak21 minutes ago

BlockchainFX Achieves Regulatory Clearance, Boosting Investor Confidence

BlockchainFX has received an official international trading license from the Anjouan Offshore Finance Authority, enhancing investor confidence and positioning itself for long-term success.

Katerina Papadopoulou21 minutes ago

UK Lawmakers Urge Chancellor to Oppose Bank of England's Stablecoin Cap

A coalition of UK lawmakers has expressed concerns over the Bank of England's proposal to limit stablecoin holdings, urging Chancellor Rachel Reeves to resist the policy.