Nigeria’s LemFi expands beyond remittances with app rebuild, new products

Nigerian cross-border fintech LemFi has rebuilt its app and launched a new global brand as it expands beyond remittances into savings, credit and eSIM services.

Founded in 2021 by Ridwan Olalere and Rian Cochran, LemFi lets more than two million customers send money to more than 30 countries across Africa, Asia, Europe and beyond. It processes around US$2 billion in transactions every month.

The company has now introduced savings and credit services in the UK, with other markets to follow, as well as eSIM connectivity that allows customers to buy mobile data in more than 100 destinations without changing SIM cards or paying roaming charges.

To support the expansion, LemFi has re-architected its app from the ground up so that multiple products across different countries sit within a single account. It has also launched a new brand platform, “Ambition has no passport”, which will roll out across its global markets.

“We started LemFi because sending money home was broken. What we learned is that the harder problem starts after the transfer,” said Olalere. “Our customers are building careers and businesses in one country while supporting people in another, and the financial system treats them as if they can only exist in one place at a time. We have rebuilt LemFi to work the way their lives do.”

LemFi has raised more than US$85 million to date from investors including Highland Europe, Left Lane Capital, Palm Drive Capital, Endeavor Catalyst and Y Combinator.

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