Next Wave: Lemfi’s bet on immigrant credit shows where remittance fintechs are headed
Lemfi becomes the first African fintech to offer credit to immigrants in the UK. Moniepoint, another major player, plans to develop a credit product for immigrants as part of its long-term roadmap.
Nigerian remittance startup LemFi acquires UK card issuer pillar to launch credit cards for immigrants
LemFi has acquired Pillar, a London-based credit card issuer, to integrate remittances and credit services. The acquisition allows LemFi to leverage Pillar's FCA license to bypass lengthy regulatory processes.
Egyptian Swypex secures $4 million seed to expand its corporate card platform
Swypex raises $4 million in seed funding to expand its platform's capabilities. Card adoption for personal use has increased in Egypt, but corporate card adoption is declining.
Accel leads $4M investment in Egyptian corporate cards platform Swypex
Over 30 million cards, including prepaid cards, are in circulation in Egypt, with a 14% increase in card usage in the last four years. Swypex, a fintech startup, raised $4 million to expand its business and technical capabilities in offering corporate cards and management tools for businesses.
