Lemfi, a global financial services platform for immigrants, has taken a major step in its European expansion by acquiring Bureau Buttercrane, an Irish currency exchange platform. This acquisition, approved by the Central Bank of Ireland, grants Lemfi an Irish financial license, enabling operations across the European Economic Area (EEA) and opening doors to new market opportunities.
The move comes as part of Lemfi’s strategy to navigate post-Brexit regulatory challenges. Although the company already holds a British license from its 2021 acquisition of RightCard, it was unable to process European transactions directly. By securing an Irish license, Lemfi can now expand seamlessly across the EEA through a system known as passporting.
Rather than acquiring Bureau Buttercrane for its technology or profitability, Lemfi’s primary goal was to secure the right regulatory framework for its European operations. “We already have the technology; this was a strategic acquisition to ensure smooth and compliant operations across Europe,” said Ridwan Olalere, CEO of Lemfi.
Just three weeks before finalizing the acquisition, Lemfi informed customers that it had partnered with Modulr Finance, a Dutch financial services firm, to facilitate European transactions. However, obtaining regulatory approval from the Central Bank of Ireland was always part of Lemfi’s long-term plan.
According to Olalere, the approval process was swift because Lemfi had the right team in place and adhered to regulatory requirements. “If another European regulator has already approved you in the past, it works in your favor because it shows credibility,” he explained. With the acquisition complete, Lemfi plans to establish Dublin as its European headquarters, hiring local talent and strengthening its regulatory relationships. Given the company’s strong track record—processing $1 billion in monthly payments across Asia and Africa—Lemfi is well-positioned to capitalize on the $64 billion European remittance market.
However, expanding into Europe presents unique challenges. “Europe is a complex market with varying payment methods, regulations, and consumer preferences across different countries,” Olalere noted. For example, in France, Carte Bancaire is a widely used payment method, separate from Visa or Mastercard. “If you enter the French market without supporting this method, you miss out on a significant portion of users,” Olalere explained.
Despite these complexities, Lemfi remains confident, leveraging insights from its successful expansion into Asia. Backed by a recent $53 million Series B funding round, Lemfi is poised to challenge competitors and establish itself as a leading player in the European remittance industry. For remittance startups, operating in multiple markets is essential for growth. Expanding into new payment corridors—such as US to India or Europe to Africa—not only increases revenue but also strengthens customer retention. Users are more likely to remain loyal to a platform that offers a one-stop solution for cross-border transactions.
By strategically expanding its global footprint, Lemfi is reinforcing its commitment to financial inclusion for immigrants and positioning itself at the forefront of Europe’s evolving fintech landscape.
