Fintech start-up LemFi (formerly Lemon Finance) secures $33 million in Series A funding led by Left Lane Capital, bringing their total funding to $46.8 million to date.
Facts
- Series A funding round of $33 million secured by LemFi, with Left Lane Capital as the lead investor.
- Additional participation from Y-Combinator, Zrosk, Global Founders Capital, and Olive Tree.
- Founded in 2020 by Ridwan Olalere and Rian Cochran, LemFi aims to improve immigrants’ access to financial services.
- LemFi offers a mobile app for quick residency sign-up and multi-currency features for payments, currency holding, and savings.
- Provides instant international transfers with zero fees and account maintenance services.
- Initially launched in Canada for low-cost remittances to Nigeria, Ghana, and Kenya in 2020.
- Expanded to the UK in 2021, acquiring Rightcard Payment Services to offer e-money accounts and higher transaction limits.
- Plans to expand further in the US, Europe, Middle East, and Asia with the new investment.
- Will allocate capital to develop new product offerings based on customer needs.
- LemFi addresses the gap in serving less common or volatile currencies, aiming to provide safer financial solutions for immigrants.
