In a calculated move to expand its operations throughout the European Economic Area, the Central Bank of Ireland has approved LemFi, a Nigerian fintech startup, to purchase Buttercrane, an Irish currency exchange platform.
LemFi, an international remittance and payments platform, was founded in 2021 by Ridwan Olalere and Rian Cochran under the name Lemonade Finance before being rebranded in 2023. It allows diaspora communities in North America and Europe to send money to emerging markets like China, India, Kenya, Nigeria, and Pakistan in a reliable and cost-effective manner.
LemFi has more than a million users now, and its monthly transaction volume recently surpassed $1 billion USD.
The startup raised a US $53 million Series B round of funding last month to expand its product line and establish itself as a global center for full-stack financial services for immigrants. It is now extending its international payment services by launching in Ireland after first entering the Brazilian and Mexican markets last year.
Through the purchase of Buttercrane, it will be able to operate throughout the European Economic Area using its Irish license, opening up new growth prospects.
“The acquisition was driven by our need to secure the right regulatory framework for our expansion,” said Olalere.
“We already have the technology; this was a strategic acquisition to ensure smooth and compliant operations across Europe. Europe is a big, complicated market with different payment methods, rules, and preferences across countries. We’re optimistic about growth, but it’s a challenging landscape.”
