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Investor interest in African remittance startups may be slowing in some areas, but LemFi appears to still have momentum.
The Nigerian-founded fintech startup is reportedly on track to raise a €30 million Series B extension, adding to the $53 million Series B round it closed in January 2025. If completed, the extension would push the company’s total Series B funding to more than $80 million, giving the startup more capital to expand its cross-border payment infrastructure and international operations.
A Series B extension simply means a company is adding more money to an existing funding round instead of opening an entirely new one. Companies usually do this when investors believe the business is still growing fast and needs additional capital before moving into its next stage.
In LemFi’s case, the latest funding extension signals continued confidence in diaspora-focused financial services, especially at a time when investors are becoming more selective about where they place money globally.
LemFi was founded in 2020 by Nigerian entrepreneurs Ridwan Olalere and Rian Cochran. The company focuses on helping immigrants send money across borders faster and at lower costs than traditional remittance services. Its platform is mainly used by African diaspora communities sending money to countries like Nigeria, Ghana, and Kenya.
Over the last few years, the startup has grown beyond being just another remittance app. LemFi says it now processes more than $1 billion in monthly transaction volume and serves users across North America, Europe, and Africa. The company has also expanded into markets including the United Kingdom, Canada, and parts of Asia as it pushes for a larger global footprint.
That growth reflects a broader shift in African fintech, where investor attention is increasingly moving toward cross-border financial infrastructure and diaspora-linked payment flows.
For years, many African startups focused heavily on local payments and consumer wallets. But more investors are now paying attention to cross-border financial infrastructure, especially platforms serving diaspora communities. Remittances remain one of the biggest sources of foreign income flowing into several African economies, including Nigeria.
According to data from the World Bank, remittance inflows into Sub-Saharan Africa reached around $54 billion in 2023, with Nigeria remaining one of the continent’s largest recipient markets. That scale has turned diaspora payments into one of fintech’s most competitive sectors.
LemFi is not alone in pursuing that opportunity. Companies such as Nala and Flutterwave are also expanding their international payment capabilities as competition shifts from basic transfers toward full financial infrastructure and payment rail control.
What makes the space more interesting now is that these companies are no longer competing only on transaction speed or lower fees. They are increasingly competing on licenses, compliance systems, regional payment rails, and the ability to move money smoothly across multiple countries.
That is where the latest funding extension becomes important for LemFi.
The additional capital could help the company strengthen regulatory operations, expand into new remittance corridors, improve transaction infrastructure, and scale services for a growing user base spread across different regions.
The broader picture is that investors still appear willing to back African fintech companies solving large cross-border financial problems, even as global venture capital becomes harder to secure.
For LemFi, the €30 million extension is not just about raising more money. It is another sign that the company is trying to position itself as a long-term financial infrastructure player connecting African economies to global diaspora markets.
