London-based fintech LemFi has launched its international payments service in Egypt, aiming to tap into the country’s booming remittance market. Egypt received a record $29.6 billion in remittances in 2024, accounting for 6.11% of its GDP, making it one of Africa’s largest recipients.
LemFi’s expansion targets the Egyptian diaspora in the US, UK, Canada, and Europe, leveraging its existing strong customer base in North Africa’s Morocco and Tunisia corridors. The move aligns with rising digital payment adoption in Egypt following economic reforms and increased trust in formal banking.
Philip Daniel, LemFi’s Head of Global Expansion, emphasized Egypt’s significance as a remittance destination and the company’s commitment to providing quality, low-cost transfer services.
LemFi serves over 2 million customers globally and has raised $86 million in funding, including a $53 million Series B round in January 2025. Backers include Highland Europe, LeftLane Capital, Endeavour Capital, and Y Combinator.
This launch reflects a broader fintech push to make remittances faster, cheaper, and more efficient amid growing diaspora demand. LemFi plans to deepen its North African presence and explore other key remittance corridors across Africa and the Middle East.
