Ridwan Olalere: Nigerian Technology Enthusiast Transforming Immigrant Remittances with LemFi

Company Set For Expansion After raising $53 million in Series B funding

Ridwan Olalere LemFi

Ridwan Olalere, co-founder and CEO of LemFi, has emerged as a pivotal figure for immigrants, thanks to his innovative platform that facilitates seamless remittances from Europe and North America to various regions in Africa, Asia, Europe, and North America.

Ridwan Olalere’s Background and Career Journey

With over a decade of experience in the tech industry, Ridwan’s journey began at Shenyang Aerospace University in China, where he pursued a degree in Aeronautical Engineering from 2008 to 2015. During his time at the university, he developed CATIA-based software to automate the creation of airplane models, showcasing his early talent for innovation.

Upon returning to Nigeria, Ridwan refined his programming skills and joined Hotels.ng in 2015 as Engineering Manager, where he oversaw technical and engineering operations. His entrepreneurial spirit led him to co-found Forloop in 2016 alongside Prosper Otemuyiwa, Ire Aderinokun, and Christopher Nwaba. Forloop quickly grew into a vibrant community for tech enthusiasts across Africa, providing a platform for knowledge sharing and professional networking.

Later in 2016, Ridwan joined Flutterwave as a senior software engineer before transitioning to ORide, a transportation service under OPay, where he served as Director of Operations. In 2020, leveraging his extensive experience, he became the Country Manager for Uber Nigeria, successfully expanding its operations into Abuja and other states.

The Birth of LemFi

In 2020, Ridwan co-founded LemFi (originally Lemonade Finance) alongside Rian Cochran. The duo, who met while working at African fintech unicorn OPay, launched the London-based financial services platform to empower immigrants with borderless payment solutions. Ridwan took on the role of CEO, while Rian served as CFO.

LemFi’s Journey and Impact

LemFi gained early traction by participating in Y Combinator’s accelerator program, which provided seed funding and mentorship critical to refining its business model and scaling operations.

Since its inception, LemFi has experienced rapid growth, catering primarily to diaspora communities in North America and Europe. The platform enables seamless money transfers to emerging markets in Africa, Asia, and Latin America, including countries like Nigeria, Kenya, India, China, and Pakistan. With over 1 million active users, LemFi offers multi-currency accounts, providing reliable financial solutions for immigrants.

Expansion and Achievements

LemFi recently expanded into Europe by partnering with embedded finance provider Modulr and is set to secure a license in the Republic of Ireland to strengthen its European presence. Today, LemFi operates in 27 send-from markets and 20 send-to countries.

The company’s robust fraud detection systems and user-centric approach have earned the trust of its customers, with 70% of its user base comprising early adopters. In 2023, LemFi achieved a remarkable milestone, processing $2 billion in total payment volume and reaching $1 billion in monthly transactions.

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Funding and Future Plans

LemFi has attracted significant investor interest, raising $53 million in Series B funding in early 2025. The round was led by Highland Europe, with contributions from Left Lane Capital, Palm Drive Capital, Endeavor Catalyst, and Y Combinator, bringing the total capital raised to $85 million. The funds will support LemFi’s expansion into European and Asian markets and the enhancement of its financial services offerings.

Conclusion

Ridwan Olalere’s leadership and vision have positioned LemFi as a trusted financial partner for immigrants, addressing the unique challenges they face in accessing borderless payment solutions. His journey underscores the transformative power of innovation in creating opportunities and building bridges for global communities.

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