LemFi, a fintech company known for providing fast and low-cost international money transfers for immigrants, has expanded its regulatory footprint in the United States by securing 14 new State Money Transmitter Licenses (MTLs).
This major milestone enhances the company’s operational control, speeds up processing, and broadens its ability to offer compliant financial services across key states such as Illinois, Michigan, and Arizona.
In its announcement, LemFi expressed that obtaining the new licenses represents a significant step forward in its mission to deliver safe, reliable, and fully compliant financial solutions to immigrant communities.
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The newly acquired MTLs covering states including Illinois, Michigan, Arizona, Oregon, and Delaware, now allow the company to move money directly under state regulatory oversight, improving transparency and creating a smoother user experience.
According to Janine Ross, Group Head of Compliance at LemFi, she stated that securing the licenses underscores the company’s commitment to trust and regulatory adherence.
In her words,
“Obtaining our own licenses is about trust just as much as it is compliance. Our customers depend on us for security and transparency when moving their money, and these licenses demonstrate that we’re building a financial ecosystem with regulation and customer protection at its core. This milestone allows us to serve our U.S. customers with greater autonomy and confidence. It strengthens our infrastructure, speeds up processing, and ensures our users can send and manage funds under the highest regulatory standards.”
The United States plays a pivotal role in the global remittance landscape. Home to 52 million diasporans over 15% of the national population it remains the world’s largest remittance-sending country. In 2023 alone, an estimated $93 billion was sent from the U.S. to families and communities worldwide.
With its new licenses, LemFi is positioned to reach millions more who need trusted and regulated channels to support their loved ones abroad. This expansion builds on the company’s existing base of over two million users worldwide.
LemFi’s U.S. licenses join a growing list of international regulatory approvals. The company holds an Electronic Money Institution (EMI) license and an FCA credit license in the United Kingdom, a Payment Institution (PI) license in Ireland, and a Money Service Business (MSB) license in Canada.
These licenses complement LemFi’s strategic partnerships with GCash (Philippines), UBL (Pakistan), eSewa (Nepal), and ClearBank (UK), further strengthening its global network.
Notably, this development also follows recent regulatory progress in Asia, where the Central Bank of Nepal approved LemFi’s partnership with eSewa, Nepal’s leading digital payments platform, aimed at enhancing remittance services for Nepali migrants.
Founded in 2020 by Ridwan Olalere and Rian Cochran, LemFi formerly known as Lemonade Finance, continues to address one of the biggest challenges faced by immigrants: access to seamless and affordable financial services.
With its fast-growing user base across Africa, North America, and Europe, LemFi is reshaping how immigrants move money across borders, offering convenience, speed, and cost-efficiency in a sector that has historically lagged behind technological advancement.
Backed by top investors including Y Combinator, Microtraction, and Left Lane, the company is rapidly expanding across Africa and Europe. LemFi’s mission remains focused on improving the financial lives of the next generation of immigrants through innovation, accessibility, and trust.