Lemfi
“Can LemFi become the full-stack financial OS for the global immigrant community, going beyond remittances to own banking, credit, and savings for diaspora populations worldwide?”
Founded2020
HQToronto, Ontario, Canada (also London, UK)
Total raised$86M
Latest roundSeries B, January 2025
IndustryFintech / Cross-border payments
The story
Founded in 2020 as Lemonade Finance, LemFi started as a remittance-first app for African diaspora in the UK, US, and Canada. It quickly broadened into a full multi-currency wallet platform, rebranding to LemFi. Following its Series B in January 2025, the company expanded aggressively into Europe and Asia, layering credit (LemFi Credit via Abound, and 'Send Now, Pay Later') and savings (ClearBank-powered UK savings account) onto its remittance core — pivoting from a pure money-transfer app toward a broader financial platform for the global immigrant community.
Last 12 months
Product timeline
2020
Founded as Lemonade Finance, focused on cross-border remittances for immigrants in the diaspora.· pivot
2021
Rebranded to LemFi; expanded multi-currency wallet and international money transfer product.· pivot
2023
Raised $33M Series A; reached over 1 million users across Europe and North America.· banking
2025
Raised $53M Series B led by Highland Europe; expanded to Europe via Modulr Finance B.V. partnership; launched in Italy, France, and Spain.· banking
2025
Launched 'Send Now, Pay Later' — credit-powered remittance allowing users to send money home and repay in instalments.· lending
2025
Launched Instant Access Savings Account in the UK powered by ClearBank, offering 3.92% interest with FSCS protection up to £85,000.· banking
The stack
3 layers disclosed in Lemfi’s embedded-finance stack
Banking / BaaS
Lending
in the full report
Sponsor bank
in the full report
Accounting gap: none
3 more providers across 2 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.