Lemfi, a financial services platform designed for immigrants, just made a significant move in its European expansion. The company acquired Bureau Buttercrane, an Irish currency exchange platform, allowing Lemfi to operate across the European Economic Area (EEA) with its newly acquired Irish license.

This strategic acquisition enables Lemfi to tap into the massive $64 billion European remittance market. But what’s more interesting is the story behind the deal.

According to Ridwan Olalere, Lemfi’s CEO, the acquisition was driven by the need for regulatory compliance in Europe post-Brexit. “We already have the technology; this was a strategic acquisition to ensure smooth and compliant operations across Europe,” Olalere explained.

The deal comes just 21 days after Lemfi announced a partnership with Modulr Finance to operate in Europe. But Olalere said the company always had its sights set on acquiring an Irish license. “We established that partnership because we wanted to start operating in Europe while pushing for approval from the Central Bank of Ireland,” he said.

Now that the deal is done, Lemfi plans to make Dublin its European headquarters and hire local staff. The company is optimistic about growth, but Olalere acknowledges the challenges of operating in multiple European markets. “Europe is a big, complicated market with different payment methods, rules, and preferences across countries,” he said.

Despite these challenges, Lemfi is well-positioned for success, having already processed $1 billion in monthly payment volume in Asia and Africa. With its recent $53 million Series B raise, Lemfi is carving out space in the competitive remittance market and challenging competitors head-on.

As Olalere put it, “Operating in multiple markets is necessary for growth. Serving more corridors increases our revenue base and gives us a broader, stickier user base.” With its European expansion underway, Lemfi is poised to become a leading player in the global remittance market.