Fintech startup LemFi raises $53M to help immigrants send money back home

Coming from South Africa but living in Europe, I can tell you that sending money to family and friends back home is a bit of a nightmare. Typically you must use a traditional bank, which can take a week or more, or payment apps like PayPal or Wise, which charge high fees. 

The antiquated nature of remittance payments is something that immigrants are all too familiar with. Demand for better alternatives is giving rise to a new cohort of fintech companies looking to streamline the process. One of them is London-headquartered LemFi.

Founded in 2021, the financial services platform enables diaspora communities in North America and Europe to quickly and affordably send money to friends and family in China, India, Pakistan, Nigeria, Kenya, and 15 other countries in the Global South. Sadly, for me, South Africa is not yet on the list. However, LemFi is expanding fast so I might ...