Latest news with #LemFi-supported

See - Sada Elbalad

LemFi Expands International Payment Services to Egypt

Rana Atef 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. Visit to learn more about LemFi. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News Flights suspended at Port Sudan Airport after Drone Attacks News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean