UK-based real-time clearing and banking platform ClearBank has teamed up with financial technology company LemFi to support LemFi’s e-wallet offering in the UK.
LemFi selected ClearBank as its agency banking partner based on its payments and advanced banking infrastructure that supports local virtual accounts and secure UK payment rails.
ClearBank is providing LemFi with agency banking services to provide African immigrants in the UK, with an alternative to traditional banking.
The British banking platform offered 37,000 virtual accounts to LemFi customers, with monthly payment volumes reaching up to 550,000 transactions in September 2023.
LemFi CEO Ridwan Olalere said: “By partnering with ClearBank and leveraging its technology and banking licence, we are building a proposition that improves the quality and accessibility of financial services for emerging market immigrants.
“We are delighted with our relationship so far and as we continue to grow, we’re looking forward to expanding the relationship even further.”
Established in 2020, LemFi, previously known as Lemonade Finance, is engaged in providing financial services for immigrants, through its mobile app platform.
The platform allows immigrants to use its multi-currency offering to send, receive, hold, convert and save in the currencies of both, the country of origin and country residence.
Last year, the payments company acquired Rightcard Payment Services in the UK, which holds an EMI license, allowing it to provide its customers with e-wallets.
Established in 2015, ClearBank is authorised by the Prudential Regulation Authority (PRA) as a bank and is regulated by the PRA and the Financial Conduct Authority (FCA).
ClearBank chief customer officer John Salter said: “We’re excited about enabling LemFi to deliver on its mission through flexible, secure and compliant banking infrastructure.
“ClearBank is dedicated to partnering with organisations which make banking services more accessible, particularly to previously underserved populations.
“We’re thrilled to continue and expand our work with LemFi, not just as a business venture but as an opportunity to serve markets considered hard to reach.”