US-based financial technology platform LemFi has decided to enter the Latin American diaspora market by expanding into Brazil and Mexico. The LemFi platform, which currently supports over 1 million users in the United States, the United Kingdom, and Canada, offers services for sending money to more than 20 countries across Africa, Asia, and Europe.

The company is now expanding its services to the Latin American market, beginning with Brazil and Mexico. This move addresses the challenge faced by many Latin Americans living abroad who seek reliable and affordable financial services. According to africa.businessinsider.com, Mexico and Brazil are significant recipients of global remittances, with Mexico leading in this area.

LemFi's mobile application allows users to send money quickly, offering competitive exchange rates and multiple payout options without transaction fees. Representatives from LemFi cited by the same source stated that the company has been focused on transforming international money transfers since its establishment in 2020. The recent expansion into Latin America reflects its aim to become a preferred remittance platform globally.

Following a USD 33 million Series A funding round and recent expansions into China, India, and Pakistan, LemFi is positioned to continue growing and innovating in various markets. The company encourages users who need to send money to Mexico, Brazil, and other countries to use its mobile app, which is available for both Android and Apple devices. What else has been going on with LemFi? In April 2024, LemFi received regulatory approval from the Central Bank of Kenya (CBK) to operate remittances in Kenya.

LemFi entered the East African country in June 2023 and the regulatory approval represented a significant step in its promise to deliver seamless international payments to thousands of Kenyans in the diaspora. It’s worth noting that the LemFi app provides a Kenya Shillings wallet setup, allowing users to fund their accounts with mobile money and open accounts. Afterward, based on their transactions, users can exchange their Kenya Shillings for other foreign currencies, such as US dollars (USD), British pounds (GBP), and Canadian dollars (CAD).

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