LemFi extends its payment services to Egypt
LemFi, a leading international payment services startup based in London, with a strong presence across the United States, Canada, the United Kingdom, and Europe, has today announced the launch of its low-cost, reliable international payment services to Egypt. This strategic expansion positions it to provide its service offerings to Egypt's massive diaspora community, building on the country's growing adoption of the digital payments market. The expansion also positions LemFi as a reliable partner across the North Africa corridor, where the company offers its services to the Moroccan and Tunisian diaspora.
Egypt is one of Africa's most dynamic and most significant economies. It ranks highly on the global list of significant remittance corridors. In 2024, Egypt received a record $29.6 billion in remittances globally, nearly doubling the previous year's record. In 2023, remittances accounted for 6.11% of its GDP, underscoring the vital role they play in supporting the economy. Recent economic reforms have boosted confidence in its formal financial sector, leading to consistent year-on-year growth in remittances and creating opportunities for international payment partners. This substantial and growing flow of funds underscores the importance of a reliable, efficient, and innovative international payment service provider. A burgeoning diaspora population of skilled workers and residents, many in LemFi-supported countries, can access its reliable, low-cost, and efficient global payment service offerings to support their families and friends back home.
'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.'
Philip Daniel, Head of Global Expansion and Growth, LemFi.
LemFi's entry, which supports the Egyptian diaspora, aligns with global economic trends of a growing market, bringing innovative international payments solutions to a market increasingly adoptive of technological innovations. With recent strategic acquisitions and expansions into diverse markets, LemFi has demonstrated the team, resources, and strategies necessary to deliver on the promise of reliability, cost-effectiveness, and value, helping a global diaspora become more financially connected to their home.
Since its founding, LemFi has supported over 2 million customers in the United States, the United Kingdom, Canada, and Europe. In January 2025, LemFi secured $53 million in Series B funding, bringing its total funding to over $86 million, which involved some leading investors, including Highland Europe, LeftLane Capital, Endeavour Capital, and Y Combinator.
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