LemFi, a Nigerian fintech startup, has teamed up with Visa’s Cross-Border Solutions division to spread its wings into new markets like China, India, and Pakistan.
This partnership means smoother cross-border transactions, making it easier for users to send and receive money internationally.
The move follows LemFi’s hiring of Allen Qu, former COO of Opay, to lead its expansion into China.
With over 250,000 users in the UK and EMEA regions gaining access to Visa debit and prepaid debit cards through this collaboration, LemFi is solidifying its position as a go-to platform for e-payments and foreign exchange.
LemFi, previously known as Lemonade Finance, was co-founded by Ridwan Olalere in 2020. It offers immigrants a multi-currency account, allowing them to manage, transfer, and receive money in different currencies across more than 30 countries.
Olalere expressed confidence in LemFi’s international expansion, citing Visa’s swift processes and scalability as crucial factors. He emphasised the importance of Visa’s efficiency in driving LemFi’s global growth.
In August 2023, LemFi made its debut in the United States after obtaining an International Money Transfer Operator (IMTO) licence from the Central Bank of Nigeria through its subsidiary, RightCard Payment Services Limited. This move was backed by a $33 million funding round aimed at simplifying remittance for immigrants.
Furthermore, in December 2023, LemFi partnered with ClearBank, a UK-based banking platform, to enhance international payment services for immigrants in North America and Europe.
Although LemFi faced a setback when the Bank of Ghana declared its operations illegal, leading to a temporary suspension in December 2023, it resumed operations in Ghana in February 2024, demonstrating its resilience and commitment to serving its customers across borders.
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