Lemfi, a financial services platform for immigrants, has acquired Irish currency exchange platform Bureau Buttercrane, securing a key regulatory approval for its European expansion.
The deal, cleared by the Central Bank of Ireland, allows Lemfi to operate across the European Economic Area (EEA) via passporting
Why it matters
- The acquisition ensures regulatory compliance post-Brexit, as Lemfi’s UK license from its 2021 RightCard acquisition didn’t allow direct European transactions.
- The Irish license provides access to all EEA countries, unlocking new growth opportunities.
What they’re saying
- “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 Ridwan Olalere, Lemfi’s CEO.
- On fast regulatory approval: “If another European regulator has already approved you in the past, it works in your favor because it shows credibility.”
Zoom out
- Lemfi processes $1 billion in monthly payments across Africa and Asia.
- It’s now eyeing Europe’s $64 billion remittance market, setting up a European HQ in Dublin and hiring locally.
- The company raised $53 million in Series B funding, fueling its global push.
The challenge
- Europe’s remittance market is complex, with different payment methods and regulations per country.
- Example: France’s Carte Bancaire isn’t Visa or Mastercard—startups must integrate local methods to compete.
What’s next
Lemfi is betting on its global experience and strong funding to challenge incumbents and expand its corridors, making cross-border money transfers seamless for immigrants worldwide.
Source: TechCabal
