Why it matters:
Egypt is one of Africa’s largest recipients of remittances, pulling in a record $29.6 billion in 2024, nearly double the previous year. With remittances making up 6.11% of Egypt’s GDP, the country is a key player in global money transfer flows — and an increasingly attractive market for fintechs like LemFi.
Driving the news:
LemFi’s expansion into Egypt positions the company to tap into the North Africa corridor, where it already supports diaspora communities from Morocco and Tunisia.
- The move comes as Egypt sees rising adoption of digital payments following recent economic reforms and stronger trust in the formal banking sector.
- LemFi aims to provide low-cost, reliable transfers for the Egyptian diaspora in the US, UK, Canada, and Europe, where it already has a strong customer base.
What they’re saying:
“Egypt’s significance as a remittance destination cannot be understated,” said Philip Daniel, Head of Global Expansion and Growth at LemFi.
“The Egyptian diaspora deserves quality service, such as the one we offer.”
By the numbers:
- 2M+: Total customers served globally by LemFi
- $86M+: Total funding raised to date
- $53M: Series B round closed in January 2025
- Backed by: Highland Europe, LeftLane Capital, Endeavour Capital, Y Combinator
The big picture:
LemFi’s entry into Egypt comes amid a global fintech push to make remittances more efficient, affordable, and tech-enabled. As diaspora communities continue to grow and demand faster, cheaper financial solutions, players like LemFi are aggressively expanding to meet that need.
What’s next:
With the Egyptian corridor now open, LemFi is expected to deepen its footprint across North Africa and possibly explore other high-volume remittance corridors in Africa and the Middle East.