At the Pitch2Win5 conference, Ridwan Olalere, founder of LemFi, shared insights into the growth of his startup, discussing key stages the company has undergone.
Evolution of LemFi
LemFi, originally known as Lemonade Finance, began its journey with the idea of stock trading but quickly pivoted to digital banking services and ultimately to remittance services. Ridwan noted, "We kept evolving the entire idea." The decision to launch in Canada instead of the UK was based on faster licensing.
Financial Aspects of Development
Based on initial estimates, LemFi expected a 2% fee on transactions, while in reality, they faced losses due to high processing fees. Ridwan also emphasized the importance of self-funding to support team development and cover licensing costs.
Future of LemFi and Growth Strategies
LemFi continues to scale, processing $1 billion a month. In 2025, the company raised $53 million to expand into Europe. As Ridwan stated, "The most crucial startup principle early on is just to start, no matter how small."
Ridwan Olalere's talk at Pitch2Win5 provided numerous valuable models for startup founders, including the need to remain flexible and constantly adapt ideas to market realities.
