In a bold move to grow its footprint in Africa, fintech startup LemFi has expanded its zero-fee remittance services to Egypt, Africa’s third-largest and one of the world’s most valuable remittance corridors. With over $20.6 billion in remittances sent to Egypt in 2024 alone, this new market marks a major opportunity for LemFi to scale its mission of seamless, affordable money transfers across the continent.
Founded in 2020 by Ridwan Olalere and Rian Cochran, LemFi’s core promise is simple: instant, fee-free money transfers in local African currencies. Now available to the Egyptian diaspora in the UK, Canada, and Europe, the company is targeting users who regularly send small but frequent amounts to support family and business back home.
“Egypt’s significance as a remittance destination cannot be understated,” said Philip Daniel, Head of Global Expansion at LemFi. “The Egyptian diaspora deserves quality service, such as the one we offer.”
Remittance costs to Egypt are notoriously high, sometimes reaching up to 7% per transfer, and traditional bank wires can take several days. LemFi is positioning itself as a faster, more cost-effective alternative, offering market-rate foreign exchange and instant transfers via integrations with Egypt’s InstaPay network.
The move comes after back-to-back funding successes: a $33M Series A in 2023 and a $53M Series B in early 2025. These rounds enabled LemFi to rebrand from Lemonade Finance, obtain regulatory licenses, and expand into Europe and Asia. In June 2025, LemFi also acquired Pillar, a London-based credit card startup, allowing the company to roll out multicurrency wallets and credit products, which may soon be available in Egypt.
After gaining full approval from Kenya’s Central Bank in 2024, LemFi learned firsthand how essential local integration is for scalability. The company has spent several months aligning with Egyptian regulatory requirements and payment networks to ensure smooth same-minute settlements for users.
With competitors like Chipper Cash and WorldRemit active in the region, LemFi is betting on its combination of zero fees, rapid settlement, and expanding services to differentiate itself. The company plans to first offer Egyptian pound payouts to bank and mobile wallets, before introducing its multicurrency wallet functionality.
LemFi’s Egypt launch completes a North African hat trick, following its presence in Ghana and Kenya. Next up: Francophone West Africa, where regulatory discussions are reportedly in progress.
If LemFi can secure even a modest share of Egypt’s $20B remittance market, it will take a significant step closer to its ambition of becoming the default digital bank for Africa’s diaspora.
