Just a week after announcing its European launch, remittance-focused fintech LemFi has raised $53 million in a Series B round led by Highland Europe, with participation from Endeavor Catalyst, Left Lane Capital, Palm Drive Capital, and Y Combinator. This brings LemFi’s total funding to $85 million.
The company plans to use the funds to expand its global payment network licenses and partnerships, enhance hyper-localized service delivery, and invest in talent acquisition. Currently employing over 300 staff across multiple continents, LemFi will also scale its offerings and accelerate growth into new markets.
Founded in 2020, LemFi has pursued an aggressive growth strategy, starting in Canada and Nigeria, before expanding into the U.S. and recently Europe through a partnership with Modulr. The firm, which processes remittances to 20 countries from 27 sender markets, generates revenue from transaction fees and FX spreads. With over a million users, LemFi is preparing to obtain its European license next month after acquiring an Irish-based firm.