Challenges faced by people who move between countries in accessing credit and managing their finances are coming into focus as financial technology company LemFi expands its services beyond international money transfers.
The company has introduced savings and credit services in the United Kingdom (UK), alongside mobile data eSIMs available in more than 100 destinations, as part of a wider expansion of its financial platform.
The expansion is accompanied by a rebuilt application that brings international transfers, savings, credit and mobile connectivity into one account.
The development highlights a challenge for people living abroad who may have established careers, qualifications and savings but find that their financial records, particularly credit histories, are not readily recognised in their new countries of residence.
LemFi cited an estimated 304 million people living outside their country of birth, with about $905 billion sent home annually. However, many financial services remain designed for people whose financial activities take place within a single country.
According to the company, this can create difficulties for people earning money in one country while supporting family members, running businesses or maintaining financial commitments in another.
“We started LemFi because sending money home was broken. What we learned is that the harder problem starts after the transfer,” said Ridwan Olalere, Co-founder and Chief Executive Officer of LemFi.
He said the company’s customers often build careers and businesses in one country while supporting people in another, a situation he believes is not adequately reflected in existing financial systems.
LemFi said more than two million customers use its services to send money to over 30 countries, with monthly transaction volumes exceeding $2 billion. The company plans to expand into additional countries next year.
As part of the expansion, LemFi has introduced an instant-access savings account and a revolving credit facility in the UK.
The savings account offers a promotional rate of 5 per cent annual equivalent rate (AER) for the first six months after opening, before reverting to a tracker rate of 3.04 per cent AER linked to the Bank of England base rate.
Accounts can be opened with £1, and withdrawals attract no penalty. Deposits are held by ClearBank and protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per eligible depositor, according to the company.
The credit facility, subject to availability and eligibility, is issued by LemFi Credit through Pillar, an FCA-regulated credit provider acquired by LemFi in 2025.
Customers can access the revolving credit line through a virtual card compatible with Apple Pay and Google Pay. Eligible customers can also check their Equifax credit scores through the app at no cost.
The introduction of these services comes against the backdrop of the difficulties some migrants face when seeking to establish a financial record in a new country. However, the extent to which the new services will address these wider challenges will depend on access, eligibility and how the products meet users’ individual circumstances.
The expanded platform also includes eSIM services that allow users to purchase mobile data before travelling to their destinations.
The service is available in more than 100 destinations and is designed to provide mobile connectivity without changing physical SIM cards.
The addition of connectivity services broadens the platform beyond money transfers, while international payments remain a central part of its operations.
LemFi said the application had been rebuilt to support several products across different countries within a single account, rather than adding services to an app initially designed for money transfers.
The redesign is intended to make the different services easier to find and allow the company to introduce additional products as it enters more markets.
The company has also introduced a new global brand platform, “Ambition has no passport”, reflecting its focus on people building careers, businesses, families and financial lives across national borders.
Isabel Ron-Pedrique, vice-president of design and brand at LemFi, said the company’s customers were increasingly using its platform as part of their efforts to build lives across countries, rather than solely to send money home.
Savings and credit are initially available in the UK, with other markets expected to follow.
The expansion raises a broader issue for policymakers and financial service providers: how to make financial systems more responsive to people whose work, savings, credit needs and family responsibilities extend beyond national boundaries. Recognising and accommodating these cross-border financial circumstances remains an important consideration as international migration and remittance activity continue to shape household finances.
