LemFi, the London-based financial services platform, has secured approval from the Central Bank of Ireland to acquire Bureau Buttercrane, an Irish currency exchange platform.
This strategic acquisition will enable LemFi to expand its operations across the European Economic Area (EEA).
Founded by Ridwan Olalere and Rian Cochran in 2021 as Lemonade Finance, before rebranding to LemFi in 2023, the company is an international remittance and payments platform. It empowers diaspora communities in Europe and North America to transfer money reliably and affordably to emerging markets, including:
- China
- India
- Kenya
- Nigeria, and
- Pakistan
Since its launch, LemFi has expanded rapidly, surpassing one million customers and recently exceeding $1 billion in monthly transaction volume.
The four-year-old fintech now has over 1 million active users who use its multi-currency accounts to transfer funds to loved ones in 22 countries.
In January 2025, LemFi secured a $53 million Series B funding round to enhance its product offerings and evolve into a full-stack financial services hub for immigrants worldwide. After entering Brazil and Mexico in 2023, the company is now expanding further with its launch in Ireland.
FUNDING | Emerging Markets Remittance Fintech, LemFi, Secures $53 Million Series B Funding, Now Handling Over $1 Billion in Monthly Payment Volume
60% of its customer base is active yearly with 70% retention rate since day one.https://t.co/QEHqcrityl @UseLemfi pic.twitter.com/JazcXwSRvM
— BitKE (@BitcoinKE) January 16, 2025
Acquiring Buttercrane enables LemFi to leverage its Irish license for operations across the European Economic Area (EEA), unlocking significant growth opportunities.
“The acquisition was driven by our need to secure the right regulatory framework for our expansion,” said Olalere.
“We already have the technology; this was a strategic acquisition to ensure smooth and compliant operations across Europe. Europe is a big, complicated market with different payment methods, rules, and preferences across countries. We’re optimistic about growth, but it’s a challenging landscape.”
The fintech, which surpassed $2 billion in annual transaction volume in 2023, is now handling $1 billion in monthly payment volume, Olalere said last month. He attributes this growth to the strong adoption in the Asian corridor, which generates $160 million in monthly transaction volume and has been growing at a rate of 30% month-over-month within its first year of operation.
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