On Wednesday, LemFi, a London-based startup specialising in international payment services for immigrant communities in the UK, USA, Canada, and Europe, announced that it has secured regulatory approval from the Central Bank of Ireland to acquire the Irish payment firm Bureau Buttercrane.
LemFi additionally acquires Bureau Buttercrane’s Payment Institution licence (CBI reference number: C182347), allowing it to offer further financial services in the EEA.
These services encompass but are not limited to, the issuance of payment accounts, money remittance, and additional offerings.
Read also: LemFi secures $53M to expand remittance services for immigrants in Asia and Europe
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Lemfi strengthens commitment to compliance and service excellence
As a result of this action, LemFi is still committed to offering smooth and effective services while adhering to the legal guidelines established by the appropriate authorities.
It obtained an Electronic Money Institution (EMI) licence in 2021 when it purchased RightCard Payment Services Limited, established in the UK.
In 2023, it obtained a notable International Money Transfer Operator (IMTO) licence from the Central Bank of Nigeria (CBN).
LemFi received a Bank of Ghana (BoG) license to form several collaborations in 2024 to demonstrate its dedication. Kenya’s Central Bank also approved it later that year.
LemFi started in some European nations in late 2024 through a strategic alliance. It transfers money to over 20 Asian, European, and African countries in minutes at the lowest price.
“We are very pleased to have completed this acquisition and are particularly delighted by the possibilities this offers us at LemFi,” says Rebeca Wignall, General Counsel at LemFi “We also extend a note of gratitude to the Central Bank of Ireland (CBI) and the legacy team at Bureau Buttercrane for their role in seeing this through,” Rebeca concludes.
LemFi, strengthened by a US$53 million Series B Fundraise, will continue its global expansion and establish the future of financial services and products for immigrants.
Read also: LemFi expands to Europe, offering Nigerians zero-charge cross-border payments
About Lemfi
LemFi, founded in 2021, is shaping global immigrant financial services. Over one million European and North American remitters use LemFi to send money to families in 20 emerging nations, including China, India, Kenya, Nigeria, and Pakistan. The company is building a financial services hub for immigrants.
LemFi has $85 million in funding from Highland Europe, Left Lane Capital, Palm Drive Capital, and YCombinator, and it has 300+ employees throughout Africa, Europe, and North America.