Lemfi Expands Into Europe With Strategic Acquisition of Irish Currency Exchange Bureau

Lemfi, a financial services platform catering to immigrants across 22 countries, has taken a major step in its European expansion by acquiring Bureau Buttercrane, an Irish currency exchange platform. This deal, which has received regulatory approval from the Central Bank of Ireland, grants Lemfi access to operate across the European Economic Area (EEA) under Ireland’s financial framework.

Securing an Irish license is a crucial move for Lemfi, especially in the post-Brexit regulatory landscape. While the company previously acquired a British license through its 2021 purchase of RightCard, it was unable to process transactions directly within the EU. Now, through a process known as passporting, Lemfi can legally extend its services across all EEA nations.

“This acquisition wasn’t about Buttercrane’s technology or revenue,” said Lemfi’s CEO, Ridwan Olalere. “We already have the tech in place—this was a strategic decision to ensure regulatory compliance and a smooth expansion into Europe.”

The deal follows Lemfi’s recent announcement that it had begun operating in Europe through a partnership with Dutch payment provider Modulr Finance. However, obtaining direct approval from the Central Bank of Ireland was always part of the company’s long-term vision.

“Getting regulatory approval happened faster because we had the right team and followed the right steps,” Olalere explained. “Once a European regulator has previously approved you, it adds credibility and speeds up the process.”

With its new base in Dublin, Lemfi is now looking to scale operations by hiring local talent and strengthening its ties with regulators. Given its strong track record in Africa and Asia—where it processes over $1 billion in monthly payments—the company is setting its sights on Europe’s $64 billion remittance market.

However, expansion across Europe comes with complexities. “Each country has its own payment habits and regulatory requirements,” Olalere noted. “For example, in France, many people use Carte Bancaire instead of Visa or Mastercard. Entering the market without supporting such local payment methods would mean missing out on a large customer base.”

Despite these challenges, Lemfi remains confident in its ability to navigate the European market. Backed by a recent $53 million Series B funding round and growing investor confidence, the company is positioning itself as a strong contender in the competitive remittance space.