Lemonade Finance, a prominent fintech company facilitating money transfers for Africans in the diaspora, has undergone a rebranding and is now known as LemFi.
The name change reflects the company’s growth and ambitions to become a leading player in Africa’s fintech sector as it has expanded its overall service to promote international financial transactions without limitations. The decision to rebrand also stems from a desire to simplify the company’s vision and distinguish itself in the evolving financial services landscape.
According to Ridwan Olalere, the CEO and Co-Founder, the new name, LemFi, signifies the company’s unwavering dedication to breaking down barriers and transcending borders. It represents the strength and resilience of the community and allows the company to establish its unique identity within the industry.
“The name we started with was Lemonade Finance. And as our app gained popularity, our reach expanded across multiple countries, and we became the vital link between families and loved ones separated by distance,” Ridwan Olalere said.
While Lemonade Finance initially focused on providing payment services for immigrants, LemFi aims to extend its services to a broader audience. The name LemFi combines the refreshing essence of lemonade with the acronym “Fi” for “Finance,” symbolizing the company’s commitment to revolutionizing financial services.
Established in 2020, Lemonade Finance aimed to empower immigrants by offering a convenient money transfer app for sending funds to over 10 countries. The company is licensed as LemFi, an Electronic Money Institution, by the UK’s Financial Conduct Authority under RightCard Payment Services and registered as a Money Service Business by Canada’s Financial Transactions and Report Analysis Centre.
While acknowledging the popularity of the previous brand name, LemFi remains committed to delivering its services and promises to keep customers informed of any changes. The platform’s official website stated that customers can expect the rollout of new services and features in the coming months, which will be communicated through various channels such as the app, email, social media, websites, and partners.
