In Egypt, Nigerian-born international payments platform LemFi has officially expanded operations to Cairo, marking a significant step in its ambition to become the go-to financial service for immigrants and diaspora communities globally.
The company, which was founded in 2021 as Lemonade Finance by Ridwan Olalere and Rian Cochran, rebranded in 2023 to LemFi and has since scaled rapidly.
It now counts over one million users across the United States, Canada, the United Kingdom, and Europe and handles more than $1 billion in monthly transaction volume.
Supporting Global Diaspora with Affordable Remittances
LemFi’s core mission is to simplify cross-border payments for immigrants, allowing them to send money to loved ones in emerging markets such as Nigeria, Kenya, India, China, and Pakistan.
The launch in Egypt is part of the company’s continued international expansion, which also includes services in Morocco and Tunisia.
“Egypt’s significance as a remittance destination cannot be understated,” said Philip Daniel, LemFi’s Head of Global Expansion and Growth. “In recent years, the corridor has experienced consistent growth.
“Whether in LemFi’s existing markets, specifically the United States, or in other markets that align with our global expansion ambitions, the Egyptian diaspora is significant, and they deserve quality service, such as the one we offer.”
$53 Million Fuel for Global Growth
LemFi’s latest move comes on the heels of a $53 million Series B funding round raised earlier in 2024. The round was led by Left Lane Capital and aimed at accelerating product development, expanding geographic reach, and supporting key acquisitions.
These acquisitions have enhanced LemFi’s infrastructure as it works toward becoming a full-stack financial services hub for immigrants.
The expansion into Egypt is strategically timed. According to the World Bank, Egypt ranked among the top five global recipients of remittances in recent years, with $24.2 billion sent home by Egyptians abroad in 2023 alone.
Eye on the North African Corridor
By entering the Egyptian market, LemFi positions itself not only to serve a vast diaspora estimated in the millions, but also to deepen its foothold in the wider North African remittance corridor, which remains underserved by many traditional financial institutions.
“Our goal is to eliminate the high costs, delays, and complexities that immigrants face when sending money home,” said Daniel.
“By offering fast, low-cost, and secure transfers, we are building financial bridges between global diasporas and their home communities.”
Africa’s Fintech Surge
LemFi’s growth is emblematic of the broader momentum in Africa’s fintech space, where startups are increasingly addressing pain points in banking, remittances, and digital payments.
With more than $2.7 billion raised by African tech startups in 2023, fintech continues to dominate the continent’s innovation landscape.
As LemFi accelerates its mission, its entry into Egypt signals both confidence in African-led innovation and the urgent need for inclusive financial tools that support the everyday lives of immigrants around the world.
Talking Point (Africans for Africa)
LemFi’s recent expansion into Egypt and the North African corridor is a strong example of the “Africans must build Africa” philosophy in action.
Because it’s founded by Africans and tailored to serve diaspora communities, LemFi isn’t just exporting services, it’s exporting contextually intelligent solutions developed with deep insight into how cross-border remittances affect African families and economies.
It makes complete sense now to remember what Philip Daniel says that Africa should stop looking outward for validation, but work within.
By choosing to scale into Egypt, Morocco, and Tunisia, LemFi demonstrates that African startups can move beyond their home regions to solve problems across the continent, from Lagos to Cairo, while remaining grounded in African ownership, voice, and relevance.
This move also illustrates the evolving mindset among African tech founders who are increasingly looking inward for growth opportunities.
Historically, African startups have focused their expansion on Western markets, largely due to higher purchasing power and clearer regulations. But LemFi is proving that scaling within Africa, despite infrastructure gaps and policy fragmentation, is both viable and essential.
Their actions reflect a growing confidence in the continent’s potential as both a marketplace and an innovation testbed.
Still, LemFi’s journey into North Africa is not without challenges, language differences, regulatory complexity, and infrastructure disparities remain real.
Yet, the company’s strategic decision to expand within Africa sends a clear message: African problems are best solved by African innovators willing to engage across regional boundaries.
As more startups follow this path, we’ll likely see a more interconnected African tech ecosystem, one that is self-driven, impact-oriented, and built to reflect the continent’s diverse yet shared aspirations in years to come.
