Close Menu
Innovation Village | Technology, Product Reviews, Business
    Facebook X (Twitter) Instagram
    Monday, September 1
    • About us
      • Authors
    • Contact us
    • Privacy policy
    • Terms of use
    • Advertise
    • Newsletter
    • Post a Job
    • Partners
    Facebook X (Twitter) LinkedIn YouTube WhatsApp
    Innovation Village | Technology, Product Reviews, Business
    • Home
    • Innovation
      • Products
      • Technology
      • Internet of Things
    • Business
      • Agritech
      • Fintech
      • Healthtech
      • Investments
        • Cryptocurrency
      • People
      • Startups
      • Women In Tech
    • Media
      • Entertainment
      • Gaming
    • Reviews
      • Gadgets
      • Apps
      • How To
    • Giveaways
    • Jobs
    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Acquisitions»LemFi acquires Bureau Buttercrane to expand European operations and enhance regulatory compliance

    LemFi acquires Bureau Buttercrane to expand European operations and enhance regulatory compliance

    0
    By Tapiwa Matthew Mutisi on January 29, 2025 Acquisitions, Business, Fintech, Investments, News, Startups

    LemFi has successfully acquired the Irish currency exchange platform Bureau Buttercrane, marking a significant milestone in its European expansion strategy. This acquisition, which has received regulatory approval from the Central Bank of Ireland, allows LemFi to leverage its Irish license to operate throughout the European Economic Area (EEA), thereby unlocking new growth opportunities across the region.

    This strategic acquisition is particularly important for ensuring regulatory compliance in Europe following Brexit. Although LemFi already held a British license from its 2021 acquisition of RightCard, it faced limitations in processing transactions directly within Europe. The newly acquired Irish license enables LemFi to utilize a system known as passporting, which allows it to operate seamlessly in all EEA countries.

    Ridwan Olalere, CEO of LemFi, emphasized the rationale behind the acquisition, stating;

    Rather than focusing on Buttercrane’s technology stack or profitability, our primary goal was to secure the appropriate regulatory framework for our expansion. We already possess the technology; this acquisition was a strategic move to ensure smooth and compliant operations across Europe.

    The acquisition comes just 21 days after Lemfi informed its customers that it could begin operating in Europe through a partnership with Dutch company Modulr Finance. Olalere explained, “We established that partnership to initiate our European operations while awaiting approval from the Central Bank of Ireland.”

    The swift approval from the Central Bank was attributed to LemFi’s competent team and adherence to proper processes. Olalere noted, “Having prior approval from another European regulator works in your favor, as it enhances your credibility.”

    With the acquisition finalized, Lemfi plans to establish Dublin as its European headquarters, hire local staff, and strengthen its relationships with regulators as part of its long-term strategy. Given its impressive track record in Asia and Africa—processing $1 billion in monthly payment volume—Lemfi is well-positioned to tap into the lucrative $64 billion European remittance market.

    Operating across multiple markets is essential for growth among remittance startups, but such expansion comes with its own set of challenges. Olalere acknowledged, “Europe is a vast and complex market with varying payment methods, regulations, and consumer preferences across different countries. While we are optimistic about our growth prospects, we recognize the challenges that lie ahead.”

    As LemFi builds its presence in Europe, integrating local payment methods will be crucial for success. For instance, Olalere pointed out that in France, a widely used payment method is “Carte Bancaire,” which is not affiliated with Visa or Mastercard. He stated, “Entering the French market without supporting this payment method would mean missing out on a significant user base.”

    Despite these challenges, LemFi remains optimistic, drawing on the insights gained from its successful expansion in Asia. The company is buoyed by a recent $53 million Series B funding round and strong investor confidence, positioning itself to carve out a niche in the competitive remittance market and directly challenge its competitors.

    For remittance startups, operating in multiple markets is vital for growth, as serving a wider range of corridors (such as US to India or Europe to Africa) expands their revenue base. A broader range of corridors not only increases revenue potential but also fosters customer loyalty, as users are more likely to remain committed to a service that offers a comprehensive solution for sending money to various destinations.

    LemFi expands remittance services in Asia and Europe with $53 million in new funding

    Related

    Acquisition Africa Bureau Buttercrane Business Central Bank of Ireland EEA European Economic Area Expansion Investments LemFi Operations Startups Technology
    Share. Facebook Twitter Pinterest LinkedIn Email
    Tapiwa Matthew Mutisi
    • Facebook
    • X (Twitter)
    • LinkedIn

    Tapiwa Matthew Mutisi has been covering blockchain technology, intelligent technologies, cryptocurrency, cybersecurity, telecommunications technology, sustainability, autonomous vehicles, and other topics for Innovation Village since 2017. In the years since, he has published over 4,000 articles — a mix of breaking news, reviews, helpful how-tos, industry analysis, and more. | Open DM on Twitter @TapiwaMutisi

    Related Posts

    How to Use Your Phone Camera Like a Digital Creator

    Meta Brings AI Writing Help to WhatsApp for Clearer, Smarter Messaging

    How to Pick the Perfect Laptop for Your Needs (Work, Gaming, or School)

    Leave A Reply Cancel Reply

    You must be logged in to post a comment.

    Copyright ©, 2013-2024 Innovation-Village.com. All Rights Reserved

    Type above and press Enter to search. Press Esc to cancel.