Fintech startup LemFi has raised a $33 million Series A investment led by Left Lane Capital. Other investors such as Y-Combinator, Zrosk, Global Founders Capital and Olive Tree also participated in the funding round. LemFi was founded in 2020 by Ridwan Olalere and Rian Cochran to solve the problem of immigrants’ lack of access to financial services. Formerly known as Lemonade, LemFi set out to create a platform that empowers the next generation of immigrants.
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Fintech Startup LemFi
LemFi has been very deliberate and strategic in obtaining a licence and building a strong network of financial institution partners to facilitate cross-border payments for migrants. We are excited to support LemFi as it expands its product offering to serve more migrant communities worldwide.
Left Lane Capital manager Matthew Miller
Thanks to today’s solutions, a user can join LemFi within minutes of becoming a resident. It can also send, receive, hold, convert and save the currencies of both the country of origin and the country of residence using the multi-currency offer. In addition, LemFi offers instant international transfers at the best exchange rates with zero fees on transfers or account maintenance. What did LemFi co-founder and CEO Ridwan Olalere say in a press release? He said that with the latest round of investment, the company has expanded its product offering to the United States, Europe, the Middle East and Asia. It offers innovative new products according to the needs of its users.
Having lived on three continents and led a multicultural team, our mission is deeply personal: to create a world where financial services are universally accessible. We have already made life easier for more than half a million people, but we are just getting started. Our product is a game-changer for users, as traditional banks and other leading neo-banks have always shied away from less common or more volatile currencies. This often pushes migrants to use insecure, unofficial channels or cobble together many other services to fulfil some of their basic financial needs.