LemFi, an international payment services startup based in London, with operations in the US, Canada, UK, and Europe, has launched in Egypt.
The launch sees the firm provide its service offerings to Egypt’s massive diaspora community, building on the country’s growing adoption of the digital payments market.
According to Philip Daniel, Head of Global Expansion and Growth, LemFi, “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 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.
Just recently, LemFi acquired UK-based Credit Fintech Pillar to launch specialised credit cards designed especially for immigrant communities, addressing one of their most persistent barriers to financial inclusion in the UK and across the globe.
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.
The firm has supported over 2 million customers in the United States, the United Kingdom, Canada, and Europe.
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.