African Remittance Platform LemFi Secures £100M, Names London Global Hub

London-based African remittance platform LemFi has announced a strategic £100 million investment into its global infrastructure and designated London as its international hub, signalling ambitious expansion plans across European and North American corridors that serve African markets.

The move positions LemFi—which processes over $1 billion in monthly payment volume—for deeper penetration of diaspora remittance corridors at a time when African nations received close to $100 billion in remittances in 2023, representing approximately 6% of the continent's GDP.

London as launch pad for European growth

The designation of London as LemFi's international hub reflects both regulatory advantages and market access. The UK capital offers a mature fintech ecosystem, strong regulatory frameworks, and direct access to major African diaspora communities across Europe. LemFi helps diaspora communities in North America and, more recently, Europe send money to emerging markets across Africa, Asia and Latin America.

The company recorded over $2 billion in annual transaction volume in 2023 and now processes $1 billion in monthly payment volume, according to industry data. That scale places LemFi alongside African remittance leaders like NALA and Sendwave in a market that remains fragmented but is consolidating rapidly.

Infrastructure investment and competitive positioning

The £100 million infrastructure investment will fund technology upgrades, expanded corridor coverage, and deeper integration with mobile money ecosystems across Africa—platforms like M-Pesa, MTN MoMo and Orange Money that have redefined financial access for millions. By connecting mobile money ecosystems with remittance software providers and banking APIs, platforms like LemFi are building the digital rails needed for seamless transfers.

The World Bank notes that sub-Saharan Africa remains the most expensive region to send money to, with costs almost double the global average. For businesses like LemFi, this high cost is both a problem and an opportunity—fintechs that can sustainably undercut legacy players stand to capture significant market share.

Broader fintech momentum

LemFi's expansion comes amid broader momentum in African fintech. In 2024, fintech claimed nearly half of all start-up investments in Africa and welcomed two new unicorns: Moniepoint and TymeBank. Of Africa's nine unicorns, all except Andela are fintech companies.

Nigeria leads Africa in remittance inflows, receiving nearly $20 billion annually, while Egypt follows closely behind. Together, these two nations account for almost half of total remittance inflows across the continent. Kenya, the third-largest recipient in sub-Saharan Africa, received approximately $4.8 billion in 2024, cementing its position as a major remittance destination.

What to watch

LemFi's ability to execute on its London hub strategy will depend on regulatory approvals across multiple European jurisdictions, sustained transaction growth, and competition from both legacy players (Western Union, MoneyGram) and emerging African fintechs. The company's next funding round and corridor expansion announcements will signal whether the £100 million bet is paying off.

Reporting drawn from Africa.com Business Briefing, African Exponent, Fintech News Africa, Africa Briefing - Diaspora remittances: Africa's economic powerhouse, UN OSAA - The Transformative Power of Digital Remittances in Africa, The East African - Kenya leads region in diaspora remittances.