- Partnership with ClearBank:
- LemFi, a financial services start-up for immigrants, has chosen ClearBank as its agency banking partner.
- ClearBank’s banking technology will enhance LemFi’s international payment services in North America and Europe.
- Acquisition and Expansion:
- Formerly known as Lemonade Finance, LemFi acquired UK-based EMI Rightcard Payment Services in 2021 to expand its migrant-tailored financial services with e-wallets.
- ClearBank will power LemFi’s e-wallet service, providing an alternative to traditional banking for African immigrants in the UK.
- Partnership Success:
- LemFi selected ClearBank for its reputation in facilitating robust payments and advanced banking infrastructure.
- The partnership has seen significant growth, with ClearBank holding 37,000 virtual accounts and facilitating up to 550,000 transactions as of September 2023.
- Funding and Expansion Plans:
- LemFi raised a $33 million Series A in August 2023, led by Left Lane Capital.
- The funding will support LemFi’s expansion in the US, Europe, the Middle East, and Asia, as well as further product development.
- Leadership and Vision:
- CEO Ridwan Olalere, co-founder of LemFi, states that the partnership with ClearBank aims to improve the quality and accessibility of financial services for emerging market immigrants.
- Industry Recognition:
- LemFi joins other notable entities like Alba Bank, Allica Bank, and fintech Raisin in utilizing ClearBank’s banking and financial technology.
