LemFi adds UK savings, credit and travel data in biggest product push
- LemFi has rebuilt its app and added UK savings, a credit line and travel eSIMs in over 100 countries.
- The company says more than two million customers move money to over 30 countries on its platform.
- Savings and credit launch in the UK first, with other markets to follow, LemFi said.
LemFi, the money transfer app popular with Nigerians abroad, has rolled out its largest set of new products yet, moving beyond sending cash into savings, borrowing and mobile data for travellers.
The London-based company said on Wednesday it has rebuilt its app so transfers, a UK savings account, a credit line and travel eSIMs sit in one place. Its new global slogan is "Ambition has no passport".
LemFi says more than two million customers use it to send money to over 30 countries. It puts monthly transaction volume at more than $2 billion, though a company profile in the same announcement says about $1 billion. The company did not explain the difference.
What is new for users
The savings account is open to UK customers from £1, with no charge for withdrawals, LemFi said. It pays a boosted 5% AER for the first six months, then 3.04% AER, which tracks the Bank of England base rate. Deposits are held by ClearBank and covered by the UK's Financial Services Compensation Scheme up to £120,000 per eligible depositor.
The credit line is issued through Pillar, the UK-regulated lender LemFi bought in 2025, and is subject to availability. It comes as a virtual card usable with Apple Pay and Google Pay, for spending or sending. Eligible users can also check their Equifax credit score in the app at no cost.
The eSIM lets users buy mobile data before arriving in more than 100 destinations, without swapping SIM cards or paying roaming bills.
Savings and credit are only available in the UK for now. LemFi said other markets will follow and that it plans to add more countries next year.
Why it matters for Nigerians
Millions of Nigerians abroad send money home to family, and many also run businesses or study across borders. A common complaint is that a credit record built in one country counts for little in another.
LemFi is betting that diaspora customers want one account for several countries rather than a string of separate apps. Rival remittance and fintech firms are chasing the same customers, so how well the new products work outside the UK will matter.
"We started LemFi because sending money home was broken," co-founder and CEO Ridwan Olalere said. "What we learned is that the harder problem starts after the transfer."
Isabel Ron-Pedrique, LemFi's VP of Design and Brand, said customers "are not defined by the country they left".
The company was founded in 2021 by Olalere and Rian Cochran and has raised more than $85 million from investors including Highland Europe, Left Lane Capital, Palm Drive Capital, Endeavor Catalyst and Y Combinator.
What happens next: Watch for when savings and credit reach Nigeria and other African markets, and whether the app's fees for transfers change as the product range grows.
