ClearBank, the enabler of real-time clearing and embedded banking for financial institutions, has announced its partnership with LemFi (formerly known as Lemonade Finance), a leading FinTech platform transforming financial services for immigrants.
After finding that a sizable segment of the immigrant population was underbanked, LemFi was established to provide financial services for this demographic. Originally focused on offering payment services for the African diaspora in North America and Europe, last year, the payments company acquired Rightcard Payment Services in the UK, which holds an EMI license, allowing it to provide its customers with e-wallets.
ClearBank is providing LemFi with agency banking services, powering its e-wallet offering in the UK to provide African immigrants with an alternative to traditional banking. 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 gone from strength to strength, with payment volumes 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 customer numbers continuing to grow each month.
John Salter, Chief Customer Officer at ClearBank said: “We’re excited about enabling LemFi to deliver on its mission through flexible, secure and compliant banking infrastructure.”