ClearBank, a leader in real-time clearing and embedded banking, has partnered with LemFi (formerly known as Lemonade Finance), a fintech platform transforming financial services for immigrants. This collaboration aims to improve international payment services for emerging market immigrants in North America and Europe.
The partnership has seen significant growth since its inception in September 2022, with 550,000 transactions processed in September 2023 alone. LemFi also holds 37,000 virtual accounts with ClearBank, and customer numbers are steadily increasing.
Both companies are passionate about making financial services more accessible, especially for underserved communities.
ClearBank is excited to continue and expand its collaboration with LemFi to reach out to traditionally underserved populations.
LemFi was initially established to provide financial services to the underbanked immigrant population, focusing on the African diaspora in North America and Europe. In 2022, LemFi acquired Rightcard Payment Services in the UK, obtaining an EMI license and allowing them to offer e-wallets. This acquisition also led to the company's rebranding and expansion, enabling broader access to international money transfer services.
ClearBank is a technology-driven clearing bank that provides its partners with solutions for real-time payments and innovative banking services.
LemFi recently raised $33 million in a Series A funding round led by Left Lane Capital. This funding will support LemFi's global expansion and its mission to build the future of international payments for everyone.
Overall, the partnership between ClearBank and LemFi represents a significant step in improving financial accessibility for immigrants worldwide. Their dedication to innovation and inclusion is paving the way for a more equitable and connected financial landscape.
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