LemFi, the Nigerian-founded remittance fintech, has announced plans to invest £100m in the UK as it moves its global headquarters to London.
First founded in 2021, LemFi was launched to offer financial services to immigrant communities. The company entered the UK last year via the acquisition of the London-based fintech Pillar and will now anchor all of its operations around the British capital.
The company’s UK-based team has grown by more than 60% since the start of last year and said that London as a global financial hub was the ideal place to base its operations.
The investment, which will take place over the next five years, and the relocation were announced during a UK state visit from Nigeria’s President Bola Tinubu.
According to LemFi, the decision also highlights growing economic ties between the UK and Nigeria.
“The UK is arguably the most important fintech hub for the global economy, and we believe our £100m commitment will be one of the best investments we have ever made,” said Rian Cochran, co-founder and finance chief of LemFi.
“Our team spans five continents and reflects the corridors we serve: that lived experience is our product advantage. London gives us the regulatory environment and capital access to build a full-stack financial platform for globally mobile communities.”
LemFi currently has a global user base of roughly two million and facilitates cross-border payments in over 30 countries.
“Our London hub will be central to our next phase of growth. From here, we’re building the infrastructure to serve customers across Europe, North America and beyond, creating financial systems that move with people, not against them,” said chief executive Ridwan Olalere.
“LemFi’s £100m commitment is the largest single fintech investment pledge, forming part of the UK-Nigeria Enhanced Trade and Investment Partnership. LemFi will continue to innovate and develop financial products and services for underserved communities globally.”
