Tether has announced an investment in LemFi, a Fintech that enables cross-border transfers.
LemFi (formerly known as Lemonade Finance) supports users living in the US, Canada, the UK and Europe to send payments and transfers to more than 30 countries. As Tether is the issuer of USD₮, the largest dollar-based stablecoin, there is an opportunity to collaborate on the movement of value.
While the details of the investment were not revealed, Tether states that its goal is to integrate USD₮ as a settlement layer.
Paolo Ardoino, CEO of Tether, says one of their goals is to support financial inclusion, and LemFi aligns with this objective.
Ridwan Olalere, LemFi’s CEO and co-founder, called the investment a significant milestone for his firm.
Beyond payments and transfers, LemFi enables global accounts, send now-pay later, direct bill pay, various delivery options, and more.
LemFi has surpassed $1 billion in monthly transaction volume. In 2023, LemFi generated $2 billion in transfer volume for the entire year.