CAIRO, Egypt (MNTV) — British international payments startup LemFi has officially launched its operations in Egypt, aiming to capitalize on the country’s fast-growing remittance market and expanding demand for digital financial services.

The move comes as Egypt reported a record $29.6 billion in remittance inflows in 2024 — nearly twice the previous year’s figure, according to Tech Labari. 

With remittances now accounting for over 6% of the country’s gross domestic product (GDP), Egypt ranks among Africa’s largest destinations for foreign money transfers.

LemFi’s entry into Egypt follows its presence in other North African markets, including Morocco and Tunisia, and is part of the company’s broader strategy to support diaspora communities worldwide. 

The fintech currently facilitates low-cost remittance services for Egyptians living in the UK, US, Canada, and across Europe — regions where it already maintains a substantial user base.

“Egypt’s importance in global remittance flows makes it a natural next step for us,” said Philip Daniel, LemFi’s Head of Global Expansion and Growth. “Our goal is to offer the Egyptian diaspora a fast, transparent, and affordable way to send money home.”

Founded in London, LemFi has raised over $86 million in total funding, including a $53 million Series B round closed in January 2025. 

The company is backed by major investors such as Highland Europe, LeftLane Capital, Endeavour Capital, and Y Combinator.

LemFi currently serves more than two million customers globally and is part of a broader wave of fintech companies transforming how remittances are handled. 

The Egyptian launch also comes amid rising adoption of digital payment systems in the country, spurred by economic reforms and increased trust in banking infrastructure.

The company said it will continue to expand its footprint across North Africa and explore additional high-volume corridors across Africa and the Middle East as part of its next phase of growth.