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Inside LemFi’s play to be fintech to the Global South diaspora

TechCrunch · 1y ago

Inside LemFi’s play to be fintech to the Global South diaspora

Nigerian fintech startup LemFi is expanding its money transfer services beyond Africa and into Asia. Initially targeting Nigerian migrants in Canada, LemFi now serves other African diaspora communities in the UK and is planning to expand to 10 African destinations by the end of 2023. Last month, LemFi broadened its customer base to include migrants from Asian countries residing in the US, UK, and Canada. This expansion comes after a $33 million Series A funding round and the launch of services in the US corridor. LemFi aims to capture a significant market share in the remittance industry and believes there are ample opportunities for growth.

Related News

Diaspora remittances hit new record at $135.46 bn in FY25

Economic Times

Economic Times · 2m ago

Diaspora remittances hit new record at $135.46 bn in FY25

The Indian diaspora sent a record $135.46 billion home in the last fiscal year, marking a 14% increase from the previous year. India remains the largest recipient of global remittances due to rising skilled labor migration to developed countries like the US, UK, and Singapore. Remittances also play a key role in funding India's trade deficit and surpass the country's foreign direct investment inflows. They account for over 10% of India's gross current account inflows.

Inside India’s two-track strategy to become an AI powerhouse

Livemint

Livemint · 1m ago

Inside India’s two-track strategy to become an AI powerhouse

Indian startups are developing AI capacity to address linguistic diversity and sectoral challenges like agriculture and education. At Google's I/O Connect in Bengaluru, discussions highlighted India's ambitious AI goals amid risks of foreign dependence. With 22 official languages and numerous dialects, creating accessible AI systems is crucial. Recent events, such as Microsoft's services withdrawal to Nayara Energy, underscore the need for sovereign AI infrastructure, potentially serving as a model for the Global South.

Myntra expands to Singapore, offers made-in-India brands

Economic Times

Economic Times · 4m ago

Myntra expands to Singapore, offers made-in-India brands

Myntra has launched Myntra Global in Singapore to cater to the Indian diaspora, which constitutes about 650,000 residents. Targeting 12-15% of Indian consumers, the platform offers Indian ethnic, festive, and occasion wear, along with home furnishings, through myntraglobal.com. Over 100 brands, including House of Patoti and Anouk, will be available. Products are shipped from India within 4-7 days, although prices may be affected by customs and shipping costs. Expansion to other countries is not planned yet.

Nala set out to offer remittance services, it's building a B2B payment platform too

TechCrunch · 1y ago

Nala set out to offer remittance services, it's building a B2B payment platform too

Tanzanian fintech company Nala has expanded its services to include remittance and is developing a B2B payment platform called Rafiki. Nala's consumer app allows users in the diaspora to send money to loved ones in 11 African markets, but the company aims to improve reliability by creating its own platform integrating with banks and mobile money providers. Rafiki will also cater to global businesses making payments into and out of Africa. The move comes as Nala prepares to scale in new markets and reports strong revenue growth, with remittance flows to sub-Saharan Africa set to increase in the coming years.

Leap of faith: Spiritual apps on global quest

Economic Times

Economic Times · 6m ago

Leap of faith: Spiritual apps on global quest

Several devotional apps, including Vama.app and AppsForBharat, are expanding globally to connect the Indian diaspora with their spiritual roots. Vama.app plans launches in the US, UK, and Canada, while AppsForBharat aims to enter markets like Singapore and South Africa. Both companies are leveraging the Maha Kumbh's popularity to boost engagement. As devotion transcends borders, these platforms offer region-specific spiritual services and ecommerce options for international devotees, supported by significant venture capital investments.

Education fintech firm Invest4Edu onboards Hemika Tanwar and Chintan Kotak as co-founders

IndianStartupNews

IndianStartupNews · 1y ago

Education fintech firm Invest4Edu onboards Hemika Tanwar and Chintan Kotak as co-founders

Education fintech firm Invest4Edu has appointed Hemika Tanwar and Chintan Kotak as co-founders. Tanwar, previously at IIFL, will serve as Chief People Officer, while Kotak, with extensive experience in wealth management and capital markets, will be the Global Business Head. Invest4Edu aims to secure a significant portion of India's $2.5 billion ed-fintech market. CEO Peeyush Agrawal mentioned that Tanwar will play a crucial role in building a strong human capital framework. The company, founded in 2021, addresses the challenge of ineffective education planning for Indian parents and has achieved significant growth within a short period of time.

Kalaari Capital-backed Eloelo snags Series B funding

VCCircle

VCCircle · 5m ago

Kalaari Capital-backed Eloelo snags Series B funding

Eloelo, a Bengaluru-based startup offering a platform for live social entertainment events, has raised Rs 114.3 crore ($13.5 million) in a Series B funding round, led by Play Ventures and joined by Gameskraft Technologies and existing investors. Founded in 2020 by Saurabh Pandey and Akshay Dubey, Eloelo combines audio and video live chatrooms with games and shows. With the funds, the company plans to expand its Gen-AI adoption and reach the Indian diaspora abroad.

Social entertainment startup Eloelo raises $13.5 million from Play Ventures

Economic Times

Economic Times · 5m ago

Social entertainment startup Eloelo raises $13.5 million from Play Ventures

Eloelo, a live social entertainment platform, secured $13.5 million in a Series B funding round led by Play Ventures. The funding will enhance AI-powered tools, expand into Indian diaspora markets, and scale offerings. Eloelo, founded in July 2020, combines live streaming, gamification, and micropayments in several Indian languages. Now monetized, it has $23 million in revenue from 1.5 million paying users and over 20,000 creators. Eloelo aims for a $60 million revenue run rate by 2025.

Gujarat's semiconductor policy drawing interest from Japanese, South Korean firms

Economic Times

Economic Times · 1y ago

Gujarat's semiconductor policy drawing interest from Japanese, South Korean firms

Gujarat's semiconductor policy has attracted interest from companies in Japan, South Korea, New Delhi, and Bengaluru, as the state aims to play a crucial role in the global supply chain realignment. Micron Technology's decision to establish a $2.75 billion plant in Sanand highlights the success of Gujarat's dedicated semiconductor policy in attracting global players. The state's policy, which offers incentives and subsidies, has generated interest in semiconductor research and development, assembly testing, packaging, and critical component manufacturing. Follow-up discussions for additional large-scale projects are currently underway.

NRI-focused fintech Aspora closes $53M round to broaden reach

YourStory

YourStory · 3m ago

NRI-focused fintech Aspora closes $53M round to broaden reach

Aspora, a fintech startup focused on serving the Indian diaspora, has secured $53 million in a Series B funding round led by Sequoia Capital and Greylock. The London-based company aims to expand its financial services into new markets like the US, Canada, Australia, and Singapore. Founded in 2022, Aspora provides fee-free remittance services and seeks to offer a comprehensive financial platform for immigrants. Currently, it serves over 250,000 users, primarily in the UAE.

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