Nigerian-founded fintech LemFi is expanding beyond cross-border payments after acquiring UK-based investment platform Wealth8, marking its entry into the wealth management market as it broadens its suite of financial services for globally mobile customers. The acquisition follows approval from the UK’s Financial Conduct Authority (FCA), although financial terms of the deal were not disclosed.
Founded as a remittance platform serving immigrants, LemFi has steadily evolved into a multi-product fintech offering cross-border money transfers, savings and credit. With the addition of Wealth8, the company is now extending its platform to include long-term investment and wealth-building services, positioning itself as a comprehensive financial partner for users navigating life across multiple countries.
The acquisition gives LemFi access to Wealth8’s FCA-regulated investment infrastructure, allowing it to offer investment products without building a licensed platform from scratch. Wealth8, launched in the UK to make investing more accessible for underserved and multi-ethnic communities, provides investment accounts and diversified portfolios with low entry thresholds.
“We started LemFi by helping people send money because that was the most urgent need,” LemFi co-founder and CEO Ridwan Olalere said. “But financial progress doesn’t stop at the transfer.” He added that the acquisition enables the company to support customers as they save, access credit and now invest for long-term financial security.
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The move reflects a broader shift across the fintech industry, where companies that initially focused on payments are increasingly building end-to-end financial ecosystems. For LemFi, investment services represent the next stage in its evolution from facilitating money movement to helping customers grow their wealth.
Founded in 2020, LemFi now serves more than two million customers across over 30 countries spanning Africa, Europe, North America, Asia, and Latin America. In recent years, the company has expanded into savings, credit, and additional regulated financial services while scaling its international footprint. In 2023, they raised $33 million Series A round led by Left Lane Capital.
The Wealth8 acquisition also continues LemFi’s strategy of accelerating expansion through acquisitions. It follows previous moves into regulated financial products and strengthens the company’s ambitions to become a full-service financial platform for immigrants and internationally mobile professionals.
As competition intensifies among African fintech companies seeking to diversify revenue beyond remittances, LemFi’s latest acquisition positions the company to compete in the fast-growing wealthtech segment, where digital investment platforms are increasingly becoming a core component of modern financial services
