Lemfi, a financial services platform catering to immigrants in 22 countries, has officially acquired Irish currency exchange Bureau Buttercrane, a move that strengthens its regulatory position and accelerates its European expansion. With approval from the Central Bank of Ireland, Lemfi can now operate across the European Economic Area (EEA) using passporting rights, unlocking new growth avenues.
This acquisition is a strategic response to post-Brexit regulatory hurdles. While Lemfi already secured a UK license in 2021 through its acquisition of RightCard, it couldn’t process European transactions directly—until now. “Rather than focusing on Buttercrane’s tech stack or profitability, the acquisition was driven by our need to secure the right regulatory framework for our expansion,” said Lemfi CEO Ridwan Olalere. “We already have the technology; this was a strategic move to ensure smooth and compliant operations across Europe.”
The deal was finalized just 21 days after Lemfi announced it could temporarily operate in Europe via a partnership with Dutch firm Modulr Finance. However, securing an Irish license was always the long-term goal. “We established that partnership to enter Europe while awaiting approval from the Central Bank of Ireland,” Olalere explained.
With Dublin set to become Lemfi’s European headquarters, the company is doubling down on regulatory engagement, hiring local talent, and fine-tuning its strategy to navigate Europe’s fragmented payment landscape. With a $1 billion monthly payment volume across Asia and Africa, Lemfi now eyes a slice of Europe’s $64 billion remittance market.
Despite the opportunity, Europe’s complex web of payment methods and regulations presents challenges. “Each country has different preferences—like ‘Carte Bancaire’ in France, which isn’t Visa or Mastercard. If you enter without supporting it, you’re missing a huge user base,” Olalere noted.
Backed by a recent $53 million Series B funding round, Lemfi is well-positioned to take on established remittance players. By expanding its corridors and simplifying cross-border payments, the company aims to become the go-to financial hub for immigrants worldwide.
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