LemFi surpasses 550,000 monthly transactions with UK BaaS partner, ClearBank
UK-headquartered ClearBank powers 37,000 virtual accounts/e-wallets for LemFi's customers. In September 2023, LemFi hit 550,000 transactions in a month, according to a statement seen by Bendada.com.
Today, ClearBank announced its partnership with LemFi, powering the latter's e-wallet offering in the UK.
Founded in 2015, ClearBank is an embedded banking and real-time clearing provider headquartered in London, United Kingdom. It is authorised by the Prudential Regulation Authority (PRA) as a bank and regulated by the PRA and the Financial Conduct Authority (FCA). However, it doesn't offer services directly to the public. Rather, it enables licensed partners like LemFi to provide banking services to their customers.
Founded in 2020, LemFi (formerly Lemonade Finance) is a fintech that is building financial services for immigrants. Through its mobile app, a user can use its multi-currency offering to send, receive, hold, convert and save in the currencies of both their country of origin and country of residence. In 2022, it acquired RightCard Payment Services Limited, a licensed UK e-money institution (EMI). Leveraging its UK EMI, it secured an IMTO from the CBN. In August 2023, it announced its US launch and $33 million Series A. LemFi has operations in Canada, the UK, Nigeria and the US.
According to a statement sent to Bendada.com, "ClearBank is providing LemFi with agency banking services, powering its e-wallet offering in the UK to provide African immigrants with an alternative to traditional banking."
ClearBank has provided 37,000 virtual accounts to LemFi's customers and has seen monthly payment volumes go up to 550,000 transactions, as of September 2023.
John Salter, Chief Customer Officer at ClearBank said, "We're excited about enabling LemFi to deliver on its mission through flexible, secure and compliant banking infrastructure. ClearBank is dedicated to partnering with organisations which make banking services more accessible, particularly to previously underserved populations. We’re thrilled to continue and expand our work with LemFi, not just as a business venture but as an opportunity to serve markets considered hard to reach."
Ridwan Olalere, CEO at LemFi, said, "At LemFi, our mission has always been to make financial services accessible to everyone. By partnering with ClearBank, and leveraging its technology and banking licence, we are building a proposition that improves the quality and accessibility of financial services for emerging market immigrants. We are delighted with our relationship so far and as we continue to grow, we’re looking forward to expanding the relationship even further."
