LemFi Expands Money Transfer Services to Asia and Europe

by Giorgi Kostiuk

10 months 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.