LemFi, a fintech company focused on low-cost, instant money transfers to Africa and Asia, has expanded its operations to Australia following formal authorization from AUSTRAC, the country’s financial intelligence and regulatory authority.
The approval allows LemFi to operate as an independent remittance dealer in Australia, marking a major step in its global expansion strategy. With this authorization, LemFi can now offer its remittance services directly to customers resident in Australia.
The company says the approval reflects regulatory confidence in its compliance and operational systems, while positioning it to serve Australia’s diverse migrant communities with cost-effective and reliable international payment services.
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Commenting on the development, LemFi CEO Ridwan Olalere described the move as a significant milestone in the company’s mission to serve migrant communities worldwide.
He wrote,
“We are thrilled to announce that LemFi has received formal approval from AUSTRAC to operate as an independent remittance dealer in Australia. This isn’t just another market entry; it’s a major milestone in our mission to provide seamless financial services to the world’s migrant communities. Australia is one of the world’s most vital outbound remittance corridors, with over 8.6 million residents born overseas.”
Why Australia Expansion is Significant For LemFi
Australia’s migrant population has expanded rapidly in recent years and now represents 31.5% of the total population, or about 8.6 million people, following record net overseas migration over the past two years. Migrants also play a major role in the country’s economy, contributing an estimated USD $330 billion (AUD $480.5 billion).
Outbound remittances from Australia have also surged. In 2024 alone, USD $38.2 billion (AUD $56.6 billion) was sent overseas, making the country one of the world’s most important remittance corridors. Many of these funds flow into markets where LemFi already has a strong presence. India was the largest recipient of remittances from Australia in 2024, receiving USD $7.3 billion, followed by China at USD $5.35 billion. Other key corridors include Vietnam, the Philippines, Pakistan, Kenya, and Nigeria.
The Significance of AUSTRAC Approval
LemFi executives emphasized that AUSTRAC’s approval underscores the strength of the company’s regulatory and compliance framework. “Receiving AUSTRAC approval reflects the strength of our compliance framework and allows us to support Australia’s diverse migrant communities with secure, transparent, and accessible financial services,” said Rebeca Wignall, Chief Legal Officer at LemFi.
Australia’s growing migrant population continues to drive demand for reliable remittance services. “Australia is a critical remittance corridor, and demand continues to grow alongside migration,” said Mamadou Mareme Diop, VP of Remittance at LemFi. “This approval allows us to bring LemFi’s trusted, customer-first remittance experience to a market where these services are essential to millions of people.”
Building a Global Platform for Migrants
Founded in 2020 by Ridwan Olalere and Rian Cochran, LemFi is building a financial services platform designed specifically for immigrant communities. Beginning with payments and remittances, the platform allows users to open multi-currency accounts and send and receive money globally at low cost.
In 2023, the company raised $33 million to support its expansion into markets including China, India, and Pakistan. LemFi currently serves over 2 million customers across North America and Europe, enabling money transfers to more than 30 countries worldwide.
Australia now joins LemFi’s growing list of regulated markets, alongside the UK, Europe, the United States, and several key remittance corridors across Africa and Asia. The expansion aligns with the company’s broader ambition to create a full financial ecosystem for immigrants, covering remittances, savings, and credit, and tailored to the realities of global mobility.