Ridwan Olalere, co-founder and CEO of LemFi, is revolutionizing the way immigrants send money across borders. His innovative platform enables seamless remittances from Europe and North America to multiple destinations across Africa, Asia, and beyond, empowering diaspora communities with fast and reliable financial solutions.

Background and Career Journey

With over a decade in the tech industry, Ridwan’s journey began at Shenyang Aerospace University in China, where he earned a degree in Aeronautical Engineering (2008–2015). His early knack for innovation was evident when he developed CATIA-based software to automate the creation of airplane models.

Returning to Nigeria, he honed his programming skills and joined Hotels.ng in 2015 as an Engineering Manager, overseeing technical and engineering operations. His entrepreneurial drive led him to co-found Forloop in 2016, alongside Prosper Otemuyiwa, Ire Aderinokun, and Christopher Nwaba. This initiative grew into a thriving tech community across Africa, fostering collaboration and professional networking.

Ridwan’s expertise earned him key roles in leading African tech firms:

• Senior Software Engineer at Flutterwave (2016)
• Director of Operations at ORide (under OPay)
• Country Manager for Uber Nigeria (2020), where he expanded the company’s presence in Abuja and beyond

The Birth of LemFi

In 2020, Ridwan co-founded LemFi (formerly Lemonade Finance) alongside Rian Cochran. The two met while working at African fintech unicorn OPay and shared a vision of building borderless payment solutions for immigrants. Ridwan took on the role of CEO, while Rian became CFO.

LemFi gained early recognition through Y Combinator’s accelerator program, which provided funding and mentorship crucial to refining its business model and scaling its operations.

LemFi’s Impact and Growth

Since its inception, LemFi has rapidly expanded, focusing on diaspora communities in North America and Europe. The platform facilitates money transfers to Africa, Asia, and Latin America, serving key markets such as Nigeria, Kenya, India, China, and Pakistan.

With over 1 million active users, LemFi provides:
✅ Multi-currency accounts
✅ Seamless international money transfers
✅ Robust fraud detection systems

By 2023, LemFi had achieved:
📌 $2 billion in total payment volume
📌 $1 billion in monthly transactions
📌 70% of its user base as early adopters

The company further strengthened its European presence by partnering with Modulr, an embedded finance provider, and is securing a license in Ireland to enhance its operations.

Funding and Future Expansion

LemFi has garnered significant investor confidence, raising:
💰 $53 million in Series B funding (2025), led by Highland Europe
💰 Previous investments from Left Lane Capital, Palm Drive Capital, Endeavor Catalyst, and Y Combinator
💰 Total capital raised: $85 million

These funds will drive LemFi’s expansion into European and Asian markets while enhancing its product offerings.

With its user-centric approach and relentless innovation, Ridwan Olalere and LemFi continue to shape the future of cross-border payments, making financial services more accessible for immigrants worldwide.

ACCOMPLISH MAGAZINE