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LemFi, a Nigerian remittance startup, has acquired Bureau Buttercrane, an Irish currency exchange service, with approval from the Central Bank of Ireland. This acquisition allows LemFi to expand into the European market, ensuring compliant operations across the European Economic Area (EEA) and further growth opportunities.

LemFi, a Nigerian remittance startup, has successfully acquired Bureau Buttercrane, an Irish currency exchange platform, after receiving regulatory approval from the Central Bank of Ireland. This acquisition enables LemFi to operate within the European Economic Area (EEA) and expand its reach in Europe.

The acquisition is a strategic move to strengthen LemFi’s compliance with European regulations, allowing the company to navigate the diverse and complex European market. According to Ridwan Olalere, CEO of LemFi, the focus of the acquisition was not to acquire Buttercrane’s technology or profitability but to ensure a strong regulatory foundation for future expansion.

LemFi's growth strategy includes an emphasis on acquiring the right regulatory framework as it continues to expand its operations. While Europe presents a challenging market due to varying payment methods and regulations across countries, LemFi remains optimistic about its growth potential.

This acquisition follows LemFi’s recent $53 million Series B funding round, which is aimed at furthering the company’s international expansion. In the past year, LemFi has also extended its operations to Brazil and Mexico, providing international payment services to more countries and expanding its reach globally.

With the backing of regulatory approval and increased funding, LemFi is positioned to become a significant player in Europe’s remittance and currency exchange market.