Zero-fee transfers now available in Europe as LemFi expands
By Oluwatosin Ajayi
A new chapter unfolds for digital remittance as one of the fastest-growing fintech platforms makes its debut in Europe. Immigrants in Italy, France, and Spain can now send money home effortlessly, thanks to a zero-fee transfer service that prioritizes convenience and inclusion.
Already operating in Canada, the UK, and the US, the platform now serves over one million users in 22 countries. By collaborating with authorized financial institutions, the service ensures compliance with international regulations while safeguarding the needs of its customers.
The European expansion is powered by Modulr Finance B.V., an integrated payment provider licensed in the Netherlands and authorized throughout the European Economic Area (EEA). This partnership enables the platform to provide seamless remittance services to a broader audience, meeting the growing demand for cross-border transactions.
The timing couldn’t be better. A recent World Bank report forecasts remittances to low- and middle-income countries (LMICs) will reach $685 billion in 2024.
Meanwhile, Europe’s digital remittance market is projected to hit $111.8 billion by 2025, according to Statista. With a steady annual growth rate of 2.58%, the market is expected to reach $123.8 billion by 2029. By expanding into Europe, this service is well-positioned to benefit from this upward trend.
Founded in 2020 by Ridwan Olalere and Rian Cochran—former colleagues at OPay—the company has rapidly grown into a trusted name in the remittance space.
Initially launched as Lemonade Finance, the platform rebranded in 2023 to reflect its broader vision of empowering immigrants with multi-currency financial tools. Its offerings, which include zero-fee transfers and currency conversion, have made it a lifeline for users navigating financial systems abroad.
This latest move into Europe marks a significant milestone in the company’s journey toward global financial inclusion.
Beyond enabling cost-effective transfers, it underscores a deeper commitment to supporting immigrant communities and expanding access to financial tools worldwide. With plans for further growth and innovation, the platform is solidifying its place as a key player in the future of digital remittance.
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