LemFi, a fast-growing fintech startup specializing in international payments, has officially launched its services in Egypt, marking a significant step in its mission to provide affordable and reliable cross-border financial solutions. With an already strong footprint in the United States, Canada, the United Kingdom, and across Europe, this expansion further cements LemFi’s role as a key player in the global remittance ecosystem.
Originally founded in 2021 under the name Lemonade Finance by Ridwan Olalere and Rian Cochran, the company rebranded to LemFi in 2023 to reflect its broader vision. LemFi was created to serve the financial needs of diaspora communities, enabling them to send money seamlessly and cost-effectively to emerging markets such as Nigeria, Kenya, India, Pakistan, and China.
Since its inception, LemFi has experienced rapid growth, amassing a user base of over one million customers and surpassing $1 billion in monthly transaction volume. This momentum was further fueled by a successful $53 million Series B funding round earlier this year, aimed at expanding its product suite and evolving into a comprehensive financial services platform tailored for immigrants worldwide.
To support its global ambitions, LemFi has also made strategic acquisitions that enhance its technological capabilities and market reach. The launch in Egypt is part of this broader expansion strategy, targeting the country’s substantial diaspora population and reinforcing LemFi’s presence across the North African corridor, where it already serves Moroccan and Tunisian communities.
“Egypt’s importance as a remittance destination is undeniable,” said Philip Daniel, LemFi’s Head of Global Expansion and Growth. “The remittance corridor has shown consistent growth in recent years. Whether in our existing markets like the United States or in new regions aligned with our global strategy, the Egyptian diaspora is a vital community. They deserve access to high-quality, dependable financial services—exactly what LemFi is built to deliver.”
With this move, LemFi not only broadens its geographic reach but also strengthens its commitment to financial inclusion, offering diaspora communities a trusted platform to support their families and communities back home.
