Nigerian fintech LemFi has received FCA approval to acquire Wealth8, a UK-based investment platform, for an undisclosed amount.
LemFi is a financial platform for people living and working across borders.
Founded in 2021, It says it helps people move money across borders, access credit, and save money across the UK, Europe, North America and Australia.
It began by offering remittance services but last year acquired UK fintech Pillar to expand its credit services and it then launched a savings account powered by Clearbank.
It said its acquisition of Wealth8 paves the way for it to add wealth-building and investment to its product ecosystem, marking the company’s entry into wealthtech and “a significant step in its evolution into a full financial-life platform.”
LemFi said: “The Wealth8 acquisition adds a missing piece: the ability to grow money over the long term. It continues an arc familiar to millions of people: build life in a new country, support family back home, save, establish a credit footprint, and ultimately invest in a more secure future.”
Ridwan Olalere, co-founder and CEO of LemFi, said: “We started LemFi by helping people send money because that was the most urgent need. But financial progress doesn’t stop at the transfer. This approval allows us to help customers save, access credit and now invest, supporting them as they build long-term financial security wherever they call home.”
On its website Wealth8 says it “provides a simple and affordable way for the black community to invest in diversified portfolios and build wealth to achieve your long-term financial goals.”
Its mission statement says: “We believe that all individuals, regardless of background, should be able to manage their finances and invest in the global markets to reach their financial goals. We believe that it is time for everyone to have access to opportunities. It’s time to bridge the wealth gap for those who have been traditionally overlooked or underserved in the area of investments.”
LemFi said its team consists of more than 350 people across four continents. It said it has attracted more than $85m (£64m) in funding from investors including Highland Europe, Left Lane Capital, Endeavor Catalyst, Palm Drive Capital and Y Combinator.
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