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<a href="https://www.clear.bank/" target="_blank" rel="noopener noreferrer nofollow">ClearBank</a>, an enabler of real-time clearing and embedded banking for financial institutions, today announced its partnership with&nbsp;<a href="https://www.lemfi.com/" target="_blank" rel="noopener noreferrer nofollow">LemFi&nbsp;</a>(formerly Lemonade Finance), a leading fintech platform transforming financial services for immigrants.
The partnership began in September 2022 and was established to provide financial services for the unbanked and offer local wallets that support international payments to African customers.
The partnership has gone from strength to strength, with payment volumes up to 550,000 transactions in September 2023. This is in addition to the 37,000 virtual accounts held with&nbsp;ClearBank&nbsp;for its e-wallet offering, with customer numbers continuing to grow each month.
John Salter, Chief Customer Officer at&nbsp;ClearBank, expressing his excitement at the partnerships, says:
“We’re excited about enabling&nbsp;LemFi&nbsp;to deliver on its mission through flexible, secure, and compliant banking infrastructure.&nbsp;ClearBank&nbsp;is dedicated to partnering with organisations that make banking services more accessible, particularly to previously underserved populations.”
<blockquote class="wp-block-quote" data-beyondwords-marker="15df573e-6ab3-4633-856f-56fdbbf22231">
 “We’re thrilled to continue and expand our work with&nbsp;LemFi, not just as a business venture but as an opportunity to serve markets considered hard to reach.”
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Per the partnership, ClearBank&nbsp;provides&nbsp;LemFi&nbsp;with agency banking services, powering its e-wallet offering in the UK to provide African immigrants with an alternative to traditional banking.&nbsp;
Ridwan Olalere, CEO at&nbsp;LemFi, said: “At&nbsp;LemFi, our mission has always been to make financial services accessible to everyone. By partnering with&nbsp;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.”
Read also: <a href="https://technext24.com/2023/11/28/lemfi-suspends-operations-in-ghana/" rel="noopener noreferrer nofollow">LemFi suspends remittance services in Ghana amid central bank clampdown</a>
<h4 id="more-on-the-lemfi-and-clearbank-partnership" data-beyondwords-marker="d174f5e8-d825-4309-b71e-a41e808d7898">More on the LemFi and ClearBank partnership</h4>
LemFi, initially Lemonade Finance, was established to provide financial services to the underbanked immigrant population. Initially, the company focused on payment services for the African diaspora in North America and Europe. However, last year, LemFi acquired Rightcard Payment Services in the UK, which has an EMI license, enabling it to offer e-wallets to its clients.
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This acquisition also helped the company rebrand and expand its services with even larger coverage to allow everyone to send and receive money internationally.
ClearBank&nbsp;is a purpose-built, technology-enabled clearing bank. Through its banking licence and intelligent, robust technology solutions,&nbsp;ClearBank&nbsp;enables its partners to offer real-time payments and innovative banking services to their customers. The fintech is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 754568).
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 LemFi&nbsp;selected&nbsp;ClearBank&nbsp;as its agency banking partner due to its reputation for facilitating robust payments and its advanced banking infrastructure, which supports local virtual accounts and provides access to secure UK payment rails.
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In a recent Series A funding round, LemFi <a href="https://technext24.com/2023/08/24/lemfi-raises-33m-to-scale-services/" rel="noopener noreferrer nofollow">raised $33 million</a> to scale its financial services for immigrants globally. The round, which was led by Left Lane Capital, helped the fintech expand its mission to build the future of international payments for everyone.

Lemfi and ClearBank partnership provided migrants with 37,000 virtual accounts carrying out 550k transactions/month

Technext.ng

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