Nigerian payments startup LemFi, which already has a strong presence across the United States, Canada, the United Kingdom, and Europe, has announced the launch of its low-cost, reliable international payment services to Egypt.
Founded by Ridwan Olalere and Rian Cochran in 2021 as Lemonade Finance, before a 2023 rebrand, LemFi is an international remittance and payments platform that enables diaspora communities in Europe and North America to shift money reliably and affordably to emerging markets, including China, India, Kenya, Nigeria and Pakistan.
Since its launch, LemFi has grown to over one million customers and recently crossed US$1 billion in monthly transaction volume.
Earlier this year, the startup raised a US$53 million Series B round of funding to assist it build out its product offering and become a full-stack financial services hub for immigrants globally, and it has since built a couple of key acquisitions to support its international expansion.
That expansion is now continuing as LemFi launches operations in Egypt, positioning itself to provide its service offerings to Egypt’s massive diaspora community. The expansion also positions LemFi as a reliable partner across the North Africa corridor, where the company offers its services to the Moroccan and Tunisian diaspora.
“Egypt’s significance as a remittance destination cannot be understated. In recent years, the corridor has experienced consistent growth. Whether in LemFi’s existing markets, specifically the United States, or in other markets that align with our global expansion ambitions, the Egyptian diaspora is significant, and they deserve quality service, such as the one we offer,” stated Philip Daniel, head of global expansion and growth at LemFi.
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