International payments platform LemFi has received FCA approval to buy investment platform Wealth8 as it turns its attention to wealth-building and investment.
LemFi, which helps people move money across borders, access credit, and save money across the UK, Europe, North America and Australia, said the acquisition and its move into wealthtech marks a significant step in its bid to become a full financial-life platform for the underserved.
The platform will now be able support customers throughout their emigration journey, from building a life in a new country, supporting family back home, saving and establishing a credit footprint to investing in a more secure future, LemFi said.
It is hoped Wealth8, which was founded with a mission to make investing simple, affordable, and accessible to communities that mainstream platforms have overlooked, will be able to reach a wider community of people who live and work across borders under LemFi.
LemFi has more than $85m in funding from investors including Highland Europe, Left Lane Capital, Endeavor Catalyst, Palm Drive Capital and Y Combinator
Ridwan Olalere, co-founder and CEO of LemFi, said: “We started LemFi by helping people send money because that was the most urgent need. But financial progress doesn’t stop at the transfer. This approval allows us to help customers save, access credit and now invest, supporting them as they build long-term financial security wherever they call home.”
