Lemonade Finance users may now send money to Senegal, Ivory Coast, Benin, Cameroon, Tanzania, Rwanda, and Uganda using the Nigerian fintech startup.
Its app allows users to keep their balances in the currencies that are important to them and convert between them quickly.
“The addition of Senegal, Ivory Coast, Benin Republic, Cameroon, Tanzania, Uganda and Rwanda was data-driven. These six countries have nationals abroad who often need to send money back home,” said Afeez Gbotosho, Lemonade’s head of products.
Lemonade claims to have thousands of users across North America and Europe, and secured a US$725,000 pre-seed funding round led by Microtraction, Ventures Platform, and Acuity Venture Partners following its Y Combinator participation.
Lemonade Finance, founded in 2020 by Ridwan Olalere and Rian Cochran and a participant in Y Combinator’s W21 batch last year, allows Africans living abroad to send and receive money from their home nations in a cost-effective, timely, and efficient manner.
Local and international transfers to Ghana, Kenya, Nigeria, Canada, and the United Kingdom (UK) are currently available promptly with no hidden fees, and overseas transfers are made at the real market exchange rate.
Thanks to a new integration, Lemonade users in the UK and Canada can now send money to Senegal, Ivory Coast, Benin Republic, Cameroon, Tanzania, Rwanda and Uganda. This new integration opens Lemonade Finance to a larger share of the African market, and cements its promise to “build the biggest neobank for African immigrants”.