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Nigerian-born fintech Lemfi expands into Ireland

By , ITWeb
Nigeria , 30 Jan 2025
LemFi received approval from the Central Bank of Ireland to acquire Buttercrane.
LemFi received approval from the Central Bank of Ireland to acquire Buttercrane.

LemFi, a Nigerian-born pan-African fintech founded by Ridwan Olalere and Rian Cochran, received approval from the Central Bank of Ireland to acquire Buttercrane, an Irish currency exchange platform.

The acquisition comes as LemFi expands its international payment services, having entered the Brazilian and Mexican markets last year.

In a statement issued on Wednesday, LemFi stated that the approval will allow it to use its Irish licence to operate across the European Economic Area, resulting in new growth opportunities.

Ridwan Olalere, CEO of LemFi, said the acquisition was motivated by the need to establish appropriate regulatory framework for the company's expansion in Europe.

Olalere explained: “Rather than focusing on [Buttercane’s] tech stack or profitability, the acquisition was driven by our need to secure the right regulatory framework for our expansion.

“We already have the technology; this was a strategic acquisition to ensure smooth and compliant operations across Europe.

“Europe is a big, complicated market with different payment methods, rules, and preferences across countries. We’re optimistic about growth, but it’s a challenging landscape.”

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