This capital injection will facilitate its planned expansion into Europe, including the acquisition of a European firm to support independent operations in the region.

The funding round was led by Highland Europe, a London-based growth-stage investment firm known for backing companies with annualized revenues exceeding €10 million.

Existing investors, including Endeavor Catalyst, Left Lane Capital, Palm Drive Capital, and Y Combinator, also participated.

With this latest round, Lemfi’s total funding has reached $85 million since its inception in 2019 by co-founders Ridwan Olalere and Rian Cochran.

Lemfi’s European entry builds on a prior partnership with Modulr.

However, the acquisition of a Republic of Ireland-based company—whose name remains undisclosed—will allow Lemfi to operate independently in Europe starting next month.

The company generates revenue through transaction fees and foreign exchange spreads across its operational footprint.

The new funding will enable Lemfi to secure additional licenses and form new partnerships while enhancing its offerings with localized services.Plans are underway to introduce a customer card in the US, UK, and Canada, along with strategic hiring to sustain its rapid growth trajectory.

Currently, Lemfi processes $1 billion in monthly payment volumes, marking a significant leap from its $2 billion annual transaction volume in 2023.

Over the past two years, the company has doubled its users, revenue, and transaction figures.

CEO Ridwan Olalere attributes this success to strong adoption in the Asian corridor, which now contributes $160 million in monthly transaction processing volume (TPV) and boasts 30% month-on-month growth since its 2023 launch.