Embedded banking firm ClearBank and fintech platform LemFi are teaming up to provide more financial support by providing services to immigrants.
Formerly known as Lemonade Finance, LemFi is extending its support from focusing on providing similar support and services to the African diaspora in North America and Europe to immigrants in the UK via the help of ClearBank.
After both parties identified that there is a “sizeable” segment of the immigrant population that was underbanked, ClearBank will provide LemFi with banking services, such as e-wallets, to African immigrants in the UK to use alternative banking methods.
Ridwan Olalere, CEO at LemFi, said: “At LemFi, our mission has always been to make financial services accessible to everyone. By partnering with 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.”
LemFi selected ClearBank as its agency banking partner due to its reputation for “facilitating robust payments and advanced banking infrastructure” which supports local virtual accounts and access to secure UK payment rails.
The partnership has already seen payment volumes of up to 550,000 transactions in September 2023. This is in addition to 37,000 virtual accounts held with ClearBank for its e-wallet offering, with its customer numbers continuing to grow each month.
John Salter, Chief Customer Officer at ClearBank, added: “We’re excited about enabling LemFi to deliver on its mission through flexible, secure and compliant banking infrastructure.
“ClearBank is dedicated to partnering with organisations which make banking services more accessible, particularly to previously underserved populations. We’re thrilled to continue and expand our work with LemFi, not just as a business venture but as an opportunity to serve markets considered hard to reach.”
