Lemonade Finance, a leading fintech company that allows Africans abroad to send and receive money from home, has rebranded to LemFi, with an even larger coverage to allow everyone to send and receive money internationally.
The rebranding decision reflects the company’s evolution, growth, and aspirations to become a leading force in Africa’s fintech landscape.
It is also supposedly driven by the desire to simplify and capture the essence of the company’s vision and to differentiate itself in the evolving financial services landscape.
“The name we started with was Lemonade Finance. And as our app gained popularity, our reach expanded across multiple countries, and we became the vital link between families and loved ones separated by distance,” explains Ridwan Olalere, the CEO and Co-Founder.
“Our new name, ‘LEMFI,’ represents our unwavering dedication to breaking down barriers and transcending borders,” says Ridwan. “It symbolises the strength and resilience of our community and allows us to carve our own unique meaning within it.”
The company said it was not just restricted to providing payment services for immigrants anymore but stepping out of the box to provide payment services for everyone. The name “LemFi” encapsulates the fusion of lemonade’s refreshing essence and the acronym “Fi” representing “Finance”, signifying the organization’s continued commitment to revolutionizing financial services.
Read also: Lemonade Finance raises $725k pre-seed to change cross-border payment for Africans
Lemonade Finance rebrand
Lemonade Finance was founded in 2020 with a simple vision, to empower immigrants seeking to achieve more. The company delivers its services through an app that enables users to send money to 10+ countries.
LemFi is licensed as an Electronic Money Institution with the Financial Conduct Authority in the United Kingdom under RightCard Payment Services. It is also registered as a Money Service Business by Canada’s Financial Transactions and Report Analysis Centre.
According to the platform’s website, even though it was aware that the initial brand name had already become popular with its customers, it remains committed to delivering o the services it is known for, but now, even more.
“We understand that many of you have a strong connection with our old name and brand identity. However, we believe that pursuing this new direction will help us stand out even more while continuing to deliver on our commitment to you. We are fortunate to have amazing customers, partners, and stakeholders who continue to trust and support us. We promise to keep you informed every step of the way.”
It says in the coming months. However, customers should expect the roll out of new services and features, which would be communicated through the available channels,
In the coming months, you will begin to see changes in our app, communications via email and social media, websites, and through our partners. These changes will include our new name, logo, and colours.
“We are excited about this new phase and can’t wait to share more details with you“, it adds.
The company raised $725,000 in pre-seed funding in 2021 with the help of venture capital firms Microtraction, Ventures Platform, Acuity Venture Partners, and the American startup incubator YCombinator. Some additional individual investors contributed to the round as well.
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