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LemFi, the trusted financial services platform designed for immigrants, has secured $53M in Series B funding led by Highland Europe

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LemFi

The new round brings LemFi’s total capital raised to $85 million to date

LONDON, United Kingdom, January 14, 2025/APO Group/ —

  • LemFi is transforming how immigrant communities access financial services, starting with international remittance and payments to ease financial hurdles
  • The platform enables diaspora communities in Europe and North America to move money reliably and affordably to emerging markets, including China, India, Kenya, Nigeria and Pakistan
  • Since its launch in 2021, LemFi has grown to over one million customers and recently crossed $1 billion in monthly transaction volume

LemFi (www.LemFi.com), the platform transforming how immigrant communities access financial services, has raised $53 million in Series B funding led by Highland Europe with participation from previous investors Left Lane Capital, Palm Drive Capital, Endeavor Catalyst and Y-Combinator. The new round brings LemFi’s total capital raised to $85 million to date.

Founded in 2021, LemFi is building the trusted financial services platform for immigrant communities worldwide. Starting with payments and remittances, LemFi enables users to open multi-currency accounts and send and receive money globally, reliably and at a low cost. With over one million users across Europe and North America sending money to emerging markets, including India, Kenya, Nigeria and Pakistan, LemFi recently crossed $1 billion in monthly transactions. This is set to increase further, with LemFi adding Asia, including China, to its platform, growing 30% month-on-month.

More than remittance

Every year, millions of people relocate abroad to start new lives, and money transfers remain an important financial support mechanism to their home countries. For emerging markets, remittances are an important source of foreign exchange and can exceed foreign direct investment in some cases. In 2023, India alone received $120 billion in remittances (https://apo-opa.co/4af22F6), and the African remittance market is on track to reach $500 billion by 2035 (https://apo-opa.co/4agEXSt). Yet incumbent banks and private agents, which charge high commission rates and take days for transactions to complete, still corner about 60% of the market (https://apo-opa.co/4ajxqlP).

By targeting the communities most in need, we’ve built LemFi into the go-to remittance service for one million people, supporting them in building wealth across 20 countries

LemFi has become the trusted financial partner for diaspora communities in Canada, the UK and the USA, who send money home to 20 countries. After spending four years building trust among its user base, LemFi is now in the perfect position to provide further services and features to build a full-stack financial services hub for immigrants globally.

From payments to transforming financial services

LemFi’s founders Ridwan Olalere (CEO) (https://apo-opa.co/4aegH3B) and Rian Cochran (CFO) (https://apo-opa.co/40uNjCT) met whilst working at fintech unicorn OPay, incubated by Norwegian browser provider Opera. Olalere had previously worked in software development before becoming OPay’s product lead, where he met Cochran, the company’s finance director. After Olalere left for a stint as an Uber Country Manager, the duo combined their experiences across fintech and payments to build LemFi. They now oversee a 300+ strong multicultural team across Europe, North America, Africa and Asia, drawing on their own experiences to make financial services universally accessible.

Using the new funding, LemFi will focus on growing the company in three core areas: building out the platform to extend its financial services offering, scaling its payment network licenses and partnerships to provide hyper-localised service, and hiring talent globally to support its next growth stage.

Ridwan Olalere, co-founder and CEO of LemFi, said: “When we started building LemFi, we were told remittance had already been solved. But for too many people, it is still too slow, cumbersome and expensive with customers telling us that in some instances it was cheaper to send money from the US via Canada than directly to their families back home. By targeting the communities most in need, we’ve built LemFi into the go-to remittance service for one million people, supporting them in building wealth across 20 countries. We’re not stopping there: this new funding will support us in our mission to build the financial services hub for immigrants globally from adding new features to expanding to new countries. We’re delighted to be partnering with Highland to help us scale LemFi into a fintech giant.” 

Sam Brooks, Partner at Highland Europe, said: “LemFi’s mission to provide trusted, reliable access to financial services for immigrant communities has inspired an incredibly loyal customer base and has generated impressive growth over the past several years. In addition to the success in initial geographies, we are excited by LemFi’s continuing international expansion given the extent of the global problem they are solving. Ridwan and Rian are fantastic leaders, and we are thrilled to partner with them and the LemFi team to help them scale and continue their growth into new markets.”

Distributed by APO Group on behalf of LemFi.

Events

As global power structures shift, Invest Africa convenes The Africa Debate 2026 to redefine partnership in a changing world

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Debate

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation

LONDON, United Kingdom, February 5, 2026/APO Group/ –As African economies assert greater agency in a rapidly evolving global order, Invest Africa (www.InvestAfrica.com) is delighted to announce The Africa Debate 2026, its flagship investment forum, taking place at the historic Guildhall in London on 3 June 2026.

Now in its 12th year, The Africa Debate has established itself as London’s premier platform for African investment dialogue since launching in 2014, convening over 800 global decision-makers annually to shape the future of trade, finance, investment, and development across the continent.

Under the theme “Redefining Partnership: Navigating a World in Transition”, this year’s forum will focus on Africa’s response to global economic realignment with greater agency, ambition and economic sovereignty.

The Africa Debate puts Africa’s priorities at the centre of the conversation, moving beyond traditional narratives to focus on ownership, resilience and long-term value creation.

“Volatility is not new to Africa. What is changing is the opportunity to respond with greater agency and ambition,” says Invest Africa CEO Chantelé Carrington.

“This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy — so African economies can take greater ownership of their growth. Success will be defined by how effectively we turn disruption into leverage and partnership into shared value.”

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation.

Key challenges driving the debate

Core focus areas for this year’s edition of The Africa Debate include:

This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy

Global Realignment & New Partnerships

How shifting geopolitical and economic power structures are reshaping Africa’s global partnerships, trade dynamics and investment landscape.

Financing Africa’s Future

The growing need to reform the global financial architecture, new approaches to development finance, as well as the strengthening of market access and financial resilience of African economies in a changing global system.

Strategic Value Chains

Moving beyond primary exports to build local value chains in critical minerals for the green economy. Also addressing Africa’s energy access gap and mobilising investment in renewable and transitional energy systems.

Digital Transformation & Technology

Unlocking growth in fintech, AI and digital infrastructure to drive productivity, inclusion, and the next phase of Africa’s economic transformation.

The Africa Debate 2026 offers a unique platform for high-level dialogue, deal-making, and strategic engagement. Attendees will gain actionable insights from leading policymakers, investors and business leaders shaping Africa’s economic future, while building strategic partnerships that define the continent’s next growth phase.

Registration is now open (http://apo-opa.co/46b19gj).

Distributed by APO Group on behalf of Invest Africa.

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Business

Zion Adeoye terminated as Chief Executive Officer (CEO) of CLG due to serious personal and professional conduct violations

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CLG

After a thorough internal and external investigation, along with a disciplinary hearing chaired by Sbongiseni Dube, CLG (https://CLGglobal.com) has made the decision to terminate Zion Adeoye due to serious personal and professional conduct violations. This process adhered to the Code of Good Practice of the Labour Relations Act, ensuring fairness, transparency, and compliance with South African law.

Mr. Adeoye has been held accountable for several serious offenses, including:

  • Making malicious and defamatory statements against colleagues
  • Extortion
  • Intimidation
  • Fraud
  • Misuse of company funds
  • Theft and misappropriation of funds
  • Breach of fiduciary duty
  • Mismanagement

His actions are in direct contradiction to our firm’s core values. We do not approve of attorneys spending time in a Gentleman’s Club. CLG deeply regrets the impact this situation has had on our colleagues and continues to provide full support to those affected.

We want to express our gratitude to those who spoke up and to reassure everyone at the firm of our unwavering commitment to maintaining a respectful workplace. Misconduct of any kind is unacceptable and will be addressed decisively.

We recognize the seriousness of this matter and have referred it to the appropriate law enforcement, regulatory, and legal authorities in Nigeria, Mauritius, and South Africa. We kindly ask that the privacy of the third party involved be respected.

Distributed by APO Group on behalf of CLG.

 

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Business

The International Islamic Trade Finance Corporation (ITFC) Strengthens Partnership with the Republic of Djibouti through US$35 Million Financing Facility

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ITFC

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties

JEDDAH, Saudi Arabia, February 5, 2026/APO Group/ –The International Islamic Trade Finance Corporation (ITFC) (https://www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has signed a US$35 million sovereign financing facility with the Republic of Djibouti to support the development of the country’s bunkering services sector and strengthen its position as a strategic regional maritime and trade hub.

The facility was signed at the ITFC Headquarters in Jeddah by Eng. Adeeb Yousuf Al-Aama, Chief Executive Officer of ITFC, and H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti.

The financing facility is expected to contribute to Djibouti’s economic growth and revenue diversification by reinforcing the competitiveness and attractiveness of the Djibouti Port as a “one-stop port” offering comprehensive vessel-related services. With Red Sea Bunkering (RSB) as the Executing Agency, the facility will support the procurement of refined petroleum products, thus boosting RSB’s bunkering operations, enhancing revenue diversification, and consolidating Djibouti’s role as a key logistics and trading hub in the Horn of Africa and the wider region.

We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth

Commenting on the signing, Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, stated:

“This financing reflects ITFC’s continued commitment to supporting Djibouti’s strategic development priorities, particularly in strengthening energy security, port competitiveness, and trade facilitation. We are proud to deepen our partnership with the Republic of Djibouti and contribute to sustainable economic growth and regional integration.”

H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti, commented: “Today’s signing marks an important milestone in the development of Djibouti’s bunkering services and reflects our strong and valued partnership with ITFC, particularly in the oil and gas sector. This collaboration supports our ambition to position Djibouti as a regional hub for integrated maritime and logistics services. We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth.”

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties.

Since its inception in 2008, ITFC and the Republic of Djibouti have maintained a strong partnership, with a total of US$1.8 billion approved primarily supporting the country’s energy sector and trade development objectives.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

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