This partnership leverages Visa’s expertise in facilitating cross-border transactions, bolstering LemFi’s ability to serve its growing user base.

The collaboration comes on the heels of LemFi’s appointment of industry veteran Allen Qu, formerly COO of Opay, to spearhead its China expansion efforts.

The agreement strengthens LemFi’s existing relationship with Visa, which has provided debit and prepaid debit cards to over 250,000 of its users in the UK and EMEA region. Visa will also remain LemFi’s preferred partner for e-payments and foreign exchange services.

Founded in 2020 by Ridwan Olalere, LemFi, formerly known as Lemonade Finance, empowers immigrants with a multi-currency account solution.

This innovative platform allows users to manage, transfer, and receive funds seamlessly between their home and host countries’ currencies. LemFi currently facilitates money transfers to over 30 countries worldwide.

“Our combined expertise and robust technology platform position us perfectly for international expansion,” said Olalere. “Visa’s established network, transparency, and scalability will be instrumental in extending our services globally.”

LemFi’s international ambitions gained momentum in August 2023 with its U.S. launch, supported by an International Money Transfer Operator (IMTO) license obtained through its subsidiary, RightCard Payment Services Limited, from the Central Bank of Nigeria.

The company further bolstered its position that same month with a $33 million funding round aimed at streamlining remittance services for immigrants.

Continuing its strategic growth trajectory, LemFi partnered with ClearBank, a UK-based clearing and agency banking platform, in December 2023.

This collaboration aims to provide enhanced international payment services for immigrant communities across North America and Europe through agency banking solutions.

In February 2024, LemFi successfully resumed operations in Ghana, two months after a temporary suspension following regulatory clarifications by the Bank of Ghana.

With a robust partnership with Visa and a clear vision for global expansion, LemFi is set to become a leading player in the international money transfer market, empowering immigrants with seamless financial solutions.