LemFi, formerly known as Lemonade Finance, a global payments company, has raised $33 million in a Series A funding round led by Left Lane Capital. Founded by Ridwan Olalere and Rian Cochran, the company aims to address the financial service challenges faced by immigrants. Initially focusing on remittance corridors in Nigeria, Kenya, and Ghana, LemFi has expanded to around 10 African countries. The funds will support LemFi's expansion to Europe, the Middle East, and Asia. The company's goal is to provide financial services to immigrant communities, particularly those in regions where traditional banks avoid less common or volatile currencies. The acquisition of licenses and partnerships with financial institutions are key strategies for LemFi's cross-border payment services. The co-founders see cross-border payments as a stepping stone to greater financial inclusion.
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