Visa Cross-Border Solutions, the co-launched initiative alongside Currencycloud, has announced a partnership extension with UK-based payments firm LemFi.
The partnership renewal entails that the pre-existing partnership will now expand globally to reach new markets to facilitate LemFi’s cross-border transactions that it had previously not been present in.
The deal will enable LemFi to extend its reach into new markets such as China, India and Pakistan, with Visa Cross-Border Solutions becoming its primary partner in facilitating cross-border transactions.
The partnership will also allow Visa to provide debit and prepaid debit cards to over 250,000 users in the UK and EMEA regions.
Ridwan Olalere, CEO and Co-Founder of LemFi, said: “The combination of our expertise and our technology platform puts us in a very strong position to expand internationally in the coming months and years. Visa’s speed-to-market, transparency and scalability will be instrumental as we extend our services worldwide.”
Visa Cross-Border Solution will also continue as the preferred provider of e-payments and foreign exchange services for LemFi, supporting the remittance of funds for hundreds of thousands of UK-based citizens from various African countries.
Visa and Currencycloud launched Visa Cross-Border Solutions last September, delivering cross-border money movement solutions for a multitude of financial sectors.
The Visa business combines its homegrown cross-border and cash management capabilities, previously known as ‘Treasury-as-a-Service’, with solutions enabled by its acquisition of Currencycloud.
Piers Marais, Head of Product at Visa Cross-Border Solutions, said: “LemFi is doing incredible work with nationals from countries in Africa – and we know the enormous impact that remittances have in that part of the world.
“The next step for them to grow as a business is for them to take that expertise and apply it globally. We’re so excited to be on that journey with them”.
