LemFi Secures $53M Series B Growth Capital Led by Highland Europe to Accelerate Global Cross-Border Platform

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