The Nigerian fintech firm formerly known as Lemonade Finance has announced that it will be changing its name to LemFi from now on.
The company has stated that the decision to change its name was prompted by a desire to simplify and capture the essence of the company’s goal as well as to differentiate itself in the changing environment of the financial services industry.
In the year 2020, Lemonade Finance was established with the mission of enabling immigrants who desired to achieve more in their lives. The services offered by the company are made available to customers via an application (app) that enables them to send money to more than ten countries.
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Why the rebrand as LemFi
“When we first began out, we went by the name Lemonade Finance. And as our app gained popularity, our reach increased across various nations, and we became the essential link between families and loved ones who are physically separated’, said Ridwan Olalere, the CEO and co-founder of the startup company.
However, the development and expansion of the organisation necessitated the need for a name that would resound even more profoundly with its mission while simultaneously honouring the individuality of the local community. The decision to rebrand was made in order to better encapsulate the objective of offering a method that is both more accessible and more effective for people to send money back to their families.
Therefore, the name of the company has been changed to LemFi, which the company believes captures the idea of “No Borders, No Barriers and no BS.” It was stated that the new name represents the company’s drive to simplicity, agility, and accessibility while maintaining its goal of facilitating financial transactions that are as painless as possible for its users.
According to Olalere, “Our new name, LemFi, represents our unwavering dedication to breaking down barriers and transcending borders,” and “LemFi” is the acronym for “Losing Emotions, Finding Insights.” “It allows us to carve our own distinctive meaning within it while simultaneously symbolising the resiliency and strength of our community.”
The rebranding effort also includes an expansion of the company’s vision. LemFi’s original mission was to facilitate “International Payments for Immigrants Globally,” but the organisation has since shifted its focus to “International Payments for Everyone.” This dedication will be made clear when, in the weeks and months ahead, an exciting lineup of product improvements is presented to the public for the first time.
What to know about rebranding
A corporation could decide to rename itself for a variety of different reasons. Establishing a connection with one’s clientele is an important component. Rebranding is something that should be done for the benefit of the company, but it also carries with it the potential for risk. There is always a chance that customers would not prefer the new brand that has been introduced.
There are two distinct approaches to rebranding, the first of which is known as proactive, while the second is known as reactive. When a corporation realises that there is a potential to grow, innovate, tap into new businesses or customers, and reconnect with its users, it will engage in proactive rebranding of its product or service.
Rebranding that is done in response to an event, such as the discontinuation or modification of an existing brand, is referred to as reactive rebranding. It’s possible that such a move was motivated by mergers and acquisitions, legal concerns, unfavourable publicity caused by things like fraud, the desire to beat the competition, or the need to carve out your own niche in the market.