LemFi
International money transfers and multi-currency banking for immigrant communities
What it does
LemFi (formerly Lemonade Finance) was founded in 2020 by Ridwan Olalere and Rilwan Jabar to provide multi-currency international remittance services for African immigrants. The app allows users in the US, UK, and Canada to send money back to Africa seamlessly in local currencies. Backed by Y Combinator, it rapidly scaled across global immigrant diaspora corridors.
Diaspora remittancesCross-border B2B paymentsMulti-currency accounts
Known for
- Y Combinator-backed remittance app
- Multi-currency wallets for immigrants
- Zero-fee transfers to African bank accounts
- Rapidly expanding global diaspora network
Model & industry
SaaSAll / Cross-industry
Funding history
$86.0M
Total raised
2
Rounds
Series B
Latest stage
2025
Latest year
| Date | Stage | Amount | Lead investor |
|---|---|---|---|
| 2025-01 | Series B | $53.0M | Highland Europe |
| 2023-08 | Series A | $33.0M | Left Lane Capital |
Source: Condia Funding Tracker
Products & subsidiaries
LemFi Multi-Currency App · Cross-Border Transfer AppLemFi Virtual Cards · Virtual Card
Acquisitions
- Wealth8 (2026). UK wealthtech and investment manager providing access to global funds for the African diaspora.
- Pillar (2025). UK cross-border credit scoring platform for immigrants.