- LemFi has received approval to launch its suite of payment tools directly to Australian residents who sent USD$38bn (AUS$56.6bn) in remittances in 2024
- A global financial platform for the underserved, LemFi offers services to over two million customers, supporting transfers to more than 30 countries worldwide
- The launch opens access to a fast-growing remittance market, as global remittances rise
London, Australia: LemFi, the global financial platform built for the underserved, is launching its remittance services in Australia after receiving approval from the country’s financial services regulatory unit. The approval marks a significant milestone in LemFi’s global expansion and enables the company to begin offering its remittance services to customers in Australia, one of the world’s fastest-growing and most important outbound remittance markets.
Australia’s migrant population has grown rapidly, now accounting for 31.5% of the total population, or 8.6 million people, following record net overseas migration over the past two years. Migrants contribute USD $330 billion ($480.5bn) to Australia and outbound remittances from Australia have surged, with USD$38.2 billion (AUS$56.6bn) sent overseas in 2024 alone. India is the single largest recipient, receiving $7.3 billion in remittances from Australia in 2024, followed by China at $5.35 billion. Other major remittance corridors include Vietnam, the Philippines, Pakistan, Kenya and Nigeria – all of which are markets already served by LemFi.
A high regulatory bar and a strong signal of trust
LemFi has received formal authorisation from AUSTRAC, Australia’s financial intelligence and regulatory authority, to operate as an independent remittance dealer. Securing approval demonstrates LemFi’s operational maturity and its ability to meet stringent international compliance standards.
As an independent remittance platform, LemFi can now directly provide its remittance services to Australian residents, offering competitive exchange rates, fast transfers, and low-cost fees. Australian customers will join over 2 million LemFi users across Europe and North America, sending money to more than 30 countries worldwide.
Rebeca Wignall, Chief Legal Officer at LemFi, said: “Remittances are more than transactions, they are about family, responsibility and opportunity. 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.”
Mamadou Mareme Diop, VP of Remittance at LemFi, said: “Australia is a critical remittance corridor, and demand continues to grow alongside migration. 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.”
A growing global footprint
Australia becomes the latest addition to LemFi’s expanding regulatory and geographic footprint, alongside licences and approvals in the UK, Ireland, the US and key remittance corridors across Africa and Asia. The expansion supports LemFi’s broader mission to build a full financial ecosystem for immigrants, spanning remittances, savings and credit, designed around the realities of global mobility.
About LemFi
Founded in 2021, LemFi is building the future of financial services for the underserved across the globe. Initially focused on remittance, with over two million people across Europe and North America relying on LemFi to send funds to families in 30 emerging markets, the company is now expanding to become a full-service financial hub for immigrants. The LemFi team consists of over 300 people across Africa, Europe, and North America, with over $85 million in funding from investors including Highland Europe, Left Lane Capital, Endeavor Catalyst, Palm Drive Capital, and YCombinator. https://www.lemfi.com/
