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The funding round also had participation from other investors, which include Y-Combinator, Zrosk, Global Founders Capital, and Olive Tree.
Founded by Ridwan Olalere and Rian Cochran in 2020 to solve
immigrants’ challenge of lack of access to financial services, LemFi, formerly
known as Lemonade set out to build a platform that empowers the next generation
of immigrants.
Today, with their solutions, a user can, within minutes of
residency, onboard with LemFi and use its multi-currency offering to send,
receive, hold, convert, and save in the currencies of both their country of
origin and country of residence. In addition, LemFi also offers instant
international transfers at the best exchange rates with zero fees on transfers
or account maintenance.
Co-founder and CEO of LemFi, Ridwan Olalere, in a press
statement, made available to LEADERSHIP said, with the latest investment round,
the company expand its product offering to the United States, Europe, the Middle
East, and Asia, as well as innovate new product offerings according to the
needs of its users.
“Having lived on three continents and leading a
multicultural team, our mission is deeply personal: creating a world where
financial services are universally accessible. We have already made life easier
for over half a million people, but we’re only just getting started.
“Our product is a game changer for users since traditional
banks and other leading neo-banks have always steered clear of less common or
more volatile currencies. This has driven immigrants to often use unsafe,
informal channels or to stitch together several other services to solve some of
their basic financial needs. Until now,” he said.
On what motivated the investment in LemFi, principal at Left
Lane Capital, Matthew Miller, said, LemFi has been very deliberate and
strategic in acquiring licenses and building a robust network of financial
institution partners to facilitate cross-border payments for immigrants, adding
that, “We are excited to support LemFi as it expands its product offering to
serve more immigrant communities globally.”
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