London fintech firm LemFi has cleared a key hurdle in its global expansion plans after Ireland’s central bank approved its takeover of Irish payments company Bureau Buttercrane. The deal, finalised this week, hands LemFi a foothold in the European Economic Area (EEA) and broadens its services for immigrant communities sending money abroad.
The acquisition grants LemFi control of Bureau Buttercrane’s Payment Institution licence. The License will be a prized asset that will allow LemFi to offer payment accounts, remittances, and other financial services across Europe. LemFi is known for its specialized low-cost international transfers for diaspora communities.
LemFi isn’t new to snapping up licences through acquisitions. Back in 2021, it bought UK-based RightCard Payment Services to secure an Electronic Money Institution (EMI) licence. The RightCard acquisition let LemFi issues digital wallets and prepaid cards for diasporas.
Since then, the company has been actively sorting approvals in key financial markets. Just last year, LemFi secured licences in Ghana and Kenya and expanded into parts of Europe, offering near-instant transfers to 20 countries. LemFi’s General Counsel, Rebeca Wignall, called the Bureau Buttercrane’s Payment Institution licence a "game-changer" for the company’s European growth.
The approval comes soon after LemFi’s $53 million Series B funding round, which supports its goal of becoming a financial hub for immigrants. For immigrants in Europe, LemFi's app offers a faster and cheaper way to send money globally. The app is popular among communities frustrated with traditional banks' high costs due to its competitive exchange rates and low fees.
By integrating Bureau Buttercrane’s infrastructure, LemFi plans to simplify transfers to Africa and Asia and explore services like multi-currency accounts. LemFi has gained attention from investors like YCombinator and Highland Europe. It’s also raised £85 million since its inception in 2021.
It’s also worth noting that LemFi has over 300 staff worldwide. This success reflects a broader trend: migrants are increasingly choosing digital-first platforms over traditional banks for remittances, which totaled $656 billion globally last year according to World Bank data.
For now, users can expect updates to LemFi’s app later this year, including expanded EEA services. Those interested in learning more about the company can visit www.lemfi.com or contact company’s communications lead, Ayoola Salako, at ayoola@lemfi.com.
