The investment, which brings the company’s total funding to $85 million, was led by Highland Europe, with contributions from existing backers Left Lane Capital, Palm Drive Capital, Y Combinator, and Endeavor Catalyst.

Founded by Ridwan Olalere and Rian Cochran in 2020, LemFi has grown fast by supporting the diaspora communities in North America and Europe, providing reliable cross-border payment services. 

The platform, known for its multi-currency accounts and low-cost transfers, facilitates remittances to over 20 countries, including Nigeria, Kenya, India, and Pakistan.

This latest funding will enable LemFi to expand its payment network, acquire additional licences, and deepen its partnerships to deliver more localised services. 

Plans are also underway to introduce a payment card for customers in the United States, the United Kingdom, and Canada, alongside scaling recruitment efforts for its workforce of over 300 employees.

LemFi’s monthly transaction volume has surged to $1 billion, going beyond its annual transaction volume of $2 billion in 2023. Much of this growth has been attributed to its strong adoption in Asia, where the company’s transactions in the region now amount to $160 million monthly, with a 30% month-on-month growth rate.

In recent years, LemFi has gained traction by leveraging its user-friendly interface and solid fraud prevention measures.

According to Olalere, these have allowed the platform to maintain competitive prices, ensure trust, and achieve high customer retention, with approximately 70% of its earliest users still active today.

LemFi recently partnered with Modulr, an embedded finance provider, to kickstart its European operations. To boost its presence in the region, the company has acquired a Republic of Ireland-based firm, which will provide it with independent operational capabilities beginning next month.

This expansion builds on LemFi’s strategy of entering large remittance markets. After establishing operations in the US in 2023, the platform extended its services to countries like China, India, and Pakistan in 2024.

Its ability to adapt to complex regulatory environments and integrate seamlessly with various payment systems has been key to scaling efficiently.

With over one million active users, LemFi aims to evolve into a comprehensive financial hub for immigrants globally.

The company’s mission to simplify international payments and reduce costs aligns with the needs of emerging market economies, where remittances serve as a necessary source of foreign exchange.

Founded by CEO Diana Owusu-Kyereko in 2021, MAKA stands out with its interactive social commerce model, leveraging live try-on hauls and user-generated content to provide a personalised and scalable shopping experience.

The funding, which includes support from notable investors like Jonathan Shipman and executives from Wolt, comes at a key time for Africa’s growing e-commerce market. With a rapidly growing user base of 334 million and a surge from 13% to 28% in active paying customers from 2017 to 2021, the continent presents a significant opportunity for fashion brands.

MAKA’s strategic collaboration between creators and consumers aligns with the influencer-inspired buying trend, as 30% of people cite creator recommendations impacting their purchases, according to Hubspot. The platform addresses key challenges in the African e-commerce sector, offering a secure marketplace built on trust, while also tackling issues of limited local options and fragmented online shopping experiences.

CEO Diana Owusu-Kyereko emphasizes MAKA’s focus on empowering users and creators alike, providing an authentic space for self-expression and meaningful connections. The platform’s unique blend of content and commerce set it apart in the evolving sector, driven by a vision to redefine African e-commerce and enhance individuality in style exploration.