LemFi expands beyond money transfers, launches credit and eSIM services in over 100 destinations

LemFi is expanding beyond international money transfers with new savings and credit products in the UK and eSIM services covering more than 100 destinations, marking the largest product expansion in the company’s history.

The expansion, announced today, comes alongside a rebuilt app and a new global brand campaign, “Ambition has no passport”. The company says the changes reflect its ambition to serve people whose financial lives span multiple countries.

LemFi serves more than two million customers who send money to over 30 countries across Africa, Asia, Europe and other regions. The company also reports monthly transaction volumes exceeding $2 billion.

The new platform brings transfers, savings, credit and mobile connectivity into one app, giving customers access to more services beyond sending money home.

LemFi targets the financial gaps migrants face

The company’s expansion addresses a challenge many people face when they move abroad: their financial history doesn’t always move with them.

Someone who has built a career, maintained savings and established a credit record in one country may struggle to access credit after relocating. The new country’s financial system may have little information about their financial history, making it harder to qualify for loans or other services.

LemFi says it wants to build around these needs rather than treat international transfers as customers’ only financial requirement.

“We started LemFi because sending money home was broken. What we learned is that the harder problem starts after the transfer,” said Ridwan Olalere, the company’s co-founder and CEO.

“Our customers are building careers and businesses in one country while supporting people in another, and the financial system treats them as if they can only exist in one place at a time.”

The company’s new savings and credit products are launching in the UK, with its eSIM service providing mobile data in over 100 destinations. The full terms of the new savings and credit products have not been disclosed in the announcement. The new additions build on LemFi’s existing international payments service, which enables customers to send money internationally.

Similar read: Nigeria’s LemFi and BFREE raised 30% of $135m total by African startups in May

As LemFi expands its products, it is launching a new global brand platform called “Ambition has no passport.” This campaign highlights the company’s commitment to supporting people who build careers, businesses, and families across different countries. The company plans to enter more countries next year as it grows the platform to offer more than just remittance services.

For LemFi, the challenge now is to turn its existing customer relationships and international payments network into a broader financial service that meets more of the needs people face when living between countries.

As Olalere put it, “Ambition travels. The infrastructure behind it should travel too.”

Also read: “You have to start before you are ready”, LemFi’s Ridwan Olalere on adaptation and ambition