LemFi Secures $53M Series B Growth Capital Led by Highland Europe to Accelerate Global Cross-Border Platform
LemFi has closed a $53 million Series B funding round led by Highland Europe to scale its cross-border financial services infrastructure and accelerate international market expansion.
LAGOS / LONDON — Cross-border financial services provider LemFi (formerly Lemonade Finance) has officially completed a $53.0 million Series B growth equity round to accelerate its global expansion across West Africa, Europe, North America, and emerging markets. The financing was led by London-based growth capital firm Highland Europe, with participation from Left Lane Capital, Y Combinator, Palm Drive Capital, and Endeavor Catalyst.
Founded in 2020 by Ridwan Olalere and Rian Cochran, LemFi provides multi-currency account infrastructure, instant zero-fee remittances, and localized banking products tailored to diaspora and immigrant communities. The Series B capital injection elevates the fintech's total funding to $85 million, following a $33 million Series A round in 2023.
“By targeting the communities most in need, we've built LemFi into the go-to remittance service for one million people, supporting them in building wealth across global corridors,” said Ridwan Olalere, Co-Founder and Chief Executive Officer of LemFi. “This funding will support us in our mission to build the financial services hub for immigrants globally—from adding new features like cards and credit to expanding across Europe and Asia.”
The growth round follows rapid scaling across key receive corridors connecting West Africa (Nigeria, Ghana) and South/East Asia (India, Pakistan, China) with primary send-markets in the US, UK, and Canada. LemFi's platform handles over $1 billion in monthly total payment volume (TPV).
“LemFi's mission to provide trusted, reliable access to financial services for immigrant communities has inspired an incredibly loyal customer base and generated impressive growth,” added Sam Brooks, Partner at Highland Europe. “We are excited by LemFi's continuing international expansion given the scale of the global problem they are solving.”
The company will utilize the proceeds to secure additional European payment operating licenses, supported by its strategic acquisition of a Republic of Ireland-based currency entity, and roll out consumer debit cards and credit products in North America and the United Kingdom.
Learn More at: https://blog.lemfi.com/no/news-room/lemfi-secures-53m-series-b-funding
Written by
Read next
Egyptian Businessman Ayman Abbas Acquires 10% Stake in Proptech Platform Aqar Exit at $2M Valuation
The $200,000 capital injection by the Intro Holding executive chairman supports product development and Gulf market expansion ahead of a targeted $5M round in 2027.
Tactful AI Secures Pre-Series A Extension Investment from Former e& Group CEO Hatem Dowidar
The Cairo- and Cambridge-based agentic CX infrastructure platform expands its funding base following a $1M capital raise as it prepares for a planned 2027 Series A round.
Aries Media Ventures Launches Fund I for Sub-Saharan Media-Tech, Backs Initial Trio of Startups
The early-stage venture firm deploys capital from its inaugural fund into creator economy, events commerce, and venue booking platforms across Kenya, Ghana, Uganda, Rwanda, Tanzania, and South Africa.
RMBV’s RNAF III Acquires 50% Joint Control Stake in Egypt’s ATCO Pharma in $50M Growth Deal
The North Africa-focused private equity firm establishes its entry into Egypt’s veterinary pharmaceutical sector through a combined primary and secondary share transaction co-led by Zilla Capital.
Ground Up Investing Achieves $6M First Close for $20M Agribusiness Debt Fund II
The impact investment vehicle of Corus International targets small and medium agribusinesses across Sub-Saharan Africa and Latin America to drive $200 million in incremental smallholder farmer income.
Egyptian Businessman Ayman Abbas Acquires 10% Stake in Proptech Platform Aqar Exit at $2M Valuation
The $200,000 capital injection by the Intro Holding executive chairman supports product development and Gulf market expansion ahead of a targeted $5M round in 2027.