ClearBank, a facilitator of real-time clearing and integrated banking solutions for financial institutions, has officially declared its collaboration with LemFi (formerly known as Lemonade Finance), a prominent fintech platform revolutionizing financial services for immigrants.
Commencing in September 2022, the partnership’s primary objective is to deliver financial services to the unbanked and introduce local wallets supporting international payments for African customers.
Since its inception, the collaboration has witnessed remarkable progress, with payment volumes soaring to 550,000 transactions in September 2023. Additionally, ClearBank manages 37,000 virtual accounts for its e-wallet offering, experiencing continuous growth in customer numbers each month.
John Salter, ClearBank’s Chief Customer Officer, expressed enthusiasm for the partnership, stating, “We’re excited about empowering LemFi to fulfill its mission through flexible, secure, and compliant banking infrastructure. ClearBank is committed to collaborating with organizations that enhance accessibility to banking services, particularly for previously underserved populations.”
“We’re thrilled to extend our collaboration with LemFi, not just as a business venture but as an opportunity to serve markets considered hard to reach.”
Under the partnership terms, ClearBank provides LemFi with agency banking services, supporting its e-wallet offering in the UK to provide African immigrants with an alternative to traditional banking.
Ridwan Olalere, CEO at LemFi, remarked,
“At LemFi, our mission has always been to make financial services accessible to everyone. By partnering with ClearBank and leveraging its technology and banking license, we are building a proposition that improves the quality and accessibility of financial services for emerging market immigrants. We are delighted with our relationship so far, and as we continue to grow, we’re looking forward to expanding the relationship even further.”
Read Also: LemFi Secures $33M in Series A Funding
Deeper Insights into the LemFi and ClearBank Collaboration
LemFi, formerly Lemonade Finance, initially focused on payment services for the African diaspora in North America and Europe. Following the acquisition of Rightcard Payment Services in the UK, LemFi obtained an EMI license, allowing the expansion of e-wallet offerings globally and rebranding to better serve a broader audience.
ClearBank, recognized as a purpose-built, technology-enabled clearing bank, holds authorization from the Prudential Regulation Authority and is regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 754568). Selected as LemFi’s agency banking partner, ClearBank’s reputable payment facilitation and advanced banking infrastructure, supporting local virtual accounts and secure UK payment rails, played a crucial role in the partnership.
In a recent Series A funding round, LemFi secured $33 million to amplify its financial services for immigrants on a global scale. Led by Left Lane Capital, the funding round positions LemFi to advance its mission of shaping the future of international payments for a diverse clientele.
