Nigerian fintech startup LemFi has received approval from the Central Bank of Ireland to acquire Buttercrane, an Irish currency exchange platform, in a strategic move that will allow it to operate across the European Economic Area.
Founded by Ridwan Olalere and Rian Cochran in 2021 as Lemonade Finance, before a 2023 rebrand, LemFi is an international remittance and payments platform that enables diaspora communities in Europe and North America to move money reliably and affordably to emerging markets, including China, India, Kenya, Nigeria and Pakistan.
Since its launch, LemFi has grown to over one million customers and recently crossed US$1 billion in monthly transaction volume.
Last month, the startup raised a US$53 million Series B round of funding to help it build out its product offering and become a full-stack financial services hub for immigrants globally. Having already entered the Brazilian and Mexican markets last year, it is now expanding its international payment services further by launching in Ireland.
The acquisition of Buttercrane will allow it to use its Irish licence to operate across the European Economic Area, resulting in new growth opportunities.
“The acquisition was driven by our need to secure the right regulatory framework for our expansion,” said Olalere.
“We already have the technology; this was a strategic acquisition to ensure smooth and compliant operations across Europe. Europe is a big, complicated market with different payment methods, rules, and preferences across countries. We’re optimistic about growth, but it’s a challenging landscape.”
