London-Based LemFi Launches Low-Cost Money Transfers to Egypt

London-based fintech LemFi has expanded its international money transfer services to Egypt, targeting one of the largest remittance corridors in the world. The move is part of the company’s continued growth across North Africa, following earlier launches in Morocco and Tunisia.

The expansion comes at a time when remittances to Egypt have surged. In 2024, the country received $29.6 billion in inflows - nearly double the previous year - according to the Central Bank of Egypt. Remittances now account for over 6% of the country’s GDP.

LemFi, which offers low-cost cross-border transfers via its mobile app, aims to make remittances more accessible to Egyptians living abroad. With this launch, Egyptian recipients can receive funds quickly and securely from senders in the UK, US, Canada, and Europe.

“Egypt’s significance as a remittance destination cannot be understated," Philip Daniel, LemFi’s Head of Global Expansion and Growth, said. "In recent years, the corridor has experienced consistent growth. Whether in LemFi’s existing markets, specifically the United States, or in other markets that align with our global expansion ambitions, the Egyptian diaspora is significant, and they deserve quality service, such as the one we offer.”

LemFi currently serves over 2 million customers and recently secured $53 million in Series B funding, bringing its total funding to more than $86 million. Backed by investors including Highland Europe, Left Lane Capital, and Y Combinator, the company continues to scale its services across emerging markets.