LemFi Launches International Payment Services to Egypt
The move builds on LemFi's existing footprint in the US, Canada, the United Kingdom, and Europe, and supports its ongoing strategy to serve diaspora communities across North Africa, including those in Morocco and Tunisia.
Egypt remains one of the continent's most significant economies and a major recipient of global remittances.
In 2024, the country received a record US$29.6 billion in remittances, nearly double the amount recorded in the previous year.
In 2023, remittance inflows represented 6.11% of Egypt's GDP.
Ongoing economic reforms have contributed to increased trust in the formal financial sector, creating opportunities for international payment providers to support a growing flow of funds from abroad.
LemFi's expansion is intended to address the needs of the Egyptian diaspora residing in countries where the company is already active.
According to Philip Daniel, LemFi's Head of Global Expansion and Growth,
'Egypt's significance as a remittance destination cannot be understated. In recent years, the corridor has experienced consistent growth. Whether in LemFi's existing markets, specifically the United States, or in other markets that align with our global expansion ambitions, the Egyptian diaspora is significant, and they deserve quality service, such as the one we offer.'
The company's entry into Egypt follows a broader pattern of increased adoption of digital financial services in the region.
LemFi has positioned itself to offer cross-border payment solutions aimed at enhancing access, reliability, and affordability for diaspora communities.
Since its establishment, LemFi has served over two million customers across the US, UK, Canada, and Europe.
In January 2025, the company raised US$53 million in Series B funding, bringing its total investment to over US$86 million.
Investors include Highland Europe, LeftLane Capital, Endeavour Capital, and Y Combinator.
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