LemFi has acquired Bureau Buttercrane, an Irish currency exchange platform, in a strategic move to enhance its European operations and regulatory compliance. With approval from the Central Bank of Ireland, this acquisition grants LemFi an Irish financial license, enabling it to expand seamlessly across the European Economic Area (EEA) through passport regulations.
This development is particularly crucial post-Brexit, as LemFi’s existing UK license—obtained through its 2021 acquisition of RightCard—restricted its ability to process transactions directly within the EU. The Irish license removes those barriers, allowing LemFi to scale its services across Europe.
“Our focus wasn’t on Bureau Buttercrane’s technology or profitability,” said LemFi CEO Ridwan Olalere. “We already have the technology—this was about securing the right regulatory framework for expansion.”
The acquisition follows LemFi’s recent partnership with Dutch firm Modulr Finance, which temporarily facilitated its entry into the European market. With the Central Bank of Ireland’s swift approval, LemFi can now operate independently, reinforcing its credibility with European regulators.
Looking ahead, LemFi plans to establish Dublin as its European headquarters, hire local talent, and deepen regulatory relationships. With a track record of processing $1 billion in monthly payments across Asia and Africa, LemFi is well-positioned to tap into Europe’s $64 billion remittance market.
However, the expansion presents challenges. “Europe is a diverse market with varying regulations, payment methods, and consumer preferences,” Olalere noted. To succeed, LemFi must integrate local payment solutions like France’s “Carte Bancaire,” which operates independently of Visa and Mastercard.
Backed by a recent $53 million Series B funding round, LemFi remains confident in its ability to navigate the complexities of European payments and establish itself as a leading remittance provider in the region.
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