LemFi Expands to Egypt, Tapping into a $29.6B Remittance Boom

Malaz Madani

Last updated 10-07-2025

2 min

LemFi has expanded its cross-border money transfer services to Egypt's booming remittance market.

The remittances to Egypt reached $29.

6 billion in 2024, over 6% of the national GDP.

LemFi's mobile app offers fast, low-cost transfers to Egyptians abroad in the UK, US, Canada, and Europe.

The company serves over 2 million customers and secured $53 million in Series B funding.

Philip Daniel highlights Egypt's strategic importance and LemFi's commitment to reliable services for the diaspora.

London-based fintech platform LemFi has just expanded its cross-border money transfer services to Egypt, eyeing up a booming remittance corridor that's causing quite a buzz recently. LemFi seems to be having quite the North African adventure, having already set up shop in Morocco and Tunisia.

And believe it or not, this isn't just a random market move; Egypt’s remittance market is red-hot at the moment. According to the Central Bank of Egypt, remittances into the country surged to an impressive $29.6 billion in 2024, nearly double from the year before. I'm not a fan of numbers usually, but it's pretty clear this represents a huge slice of Egypt’s economy—over 6% of national GDP.

With its easy-to-use mobile app, LemFi promises to deliver fast, low-cost and hassle-free money transfers. Egyptians abroad living in the UK, United States, Canada, and Europe will be able to send money back to their families without too much faff—a big help considering how stressful cross-border transactions can sometimes be.

Philip Daniel, LemFi’s Head of Global Expansion and Growth, commented on the move, mentioning Egypt’s strategic importance for remittance providers. He also pointed out LemFi’s dedication to giving the Egyptian diaspora reliable services across its key markets.

Honestly, it didn't catch me by surprise to hear they're now serving over 2 million happy customers. And clearly, investors think LemFi is spot on too—recently giving it a tidy Series B funding amount of $53 million. That brings its total raised funds to an impressive $86 million, backed by credible names like Highland Europe, Left Lane Capital, and Y Combinator. Clearly, the fintech buzz around emerging markets isn't going away anytime soon… I reckon LemFi’s got quite a big part to play as remittances continue to surge in this region.

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