ClearBank has announced a partnership with LemFi. ClearBank is providing LemFi with agency banking services, powering its e-wallet offering in the UK to provide African immigrants with an alternative to traditional banking. LemFi selected ClearBank as its agency banking partner due to its reputation for facilitating robust payments and advanced banking infrastructure which supports local virtual accounts and access to secure UK payment rails.
After finding that a sizable segment of the immigrant population was underbanked, LemFi was established to provide financial services for this demographic. It was originally focused on offering payment services for the African diaspora in North America and Europe. However, last year, the payments company acquired Rightcard Payment Services in the UK, which holds an EMI license, allowing it to provide its customers with e-wallets. This year, LemFi raised $33m in a Series A funding round led by Left Lane Capital. LemFi has now expanded its mission to build the future of international payments for everyone.
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The partnership has gone from strength to strength, with payment volumes up to 550,000 transactions in September 2023. This is in addition to 37,000 virtual accounts held with ClearBank for its e-wallet offering, with customer numbers continuing to grow each month.
ClearBank looks to makes banking services more accessible
Ridwan Olalere, CEO at LemFi, said: “At LemFi, our mission has always been to make financial services accessible to everyone. By partnering with ClearBank, and leveraging its technology and banking licence, we are building a proposition that improves the quality and accessibility of financial services for emerging market immigrants. We are delighted with our relationship so far and as we continue to grow, we’re looking forward to expanding the relationship even further.”
John Salter, Chief Customer Officer at ClearBank commented: “We’re excited about enabling LemFi to deliver on its mission through flexible, secure and compliant banking infrastructure. ClearBank is dedicated to partnering with organisations which make banking services more accessible, particularly to previously underserved populations. We’re thrilled to continue and expand our work with LemFi, not just as a business venture but as an opportunity to serve markets considered hard to reach.”
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