Tether Backs LemFi in Strategic Investment to Supercharge Migrant Remittances

The stablecoin giant announced an undisclosed investment in LemFi, a migrant-focused remittance-based platform that allows users to send and receive money across 30 countries. The investment will support LemFi’s integration of USDT across its product suite, delivering faster and cheaper services to its customers.

• Key Takeaways:
• • Tether invested in LemFi, a remittance app serving 30 countries, to integrate USDT for global payments.
• • CEO Paolo Ardoino notes this validates USDT for LemFi’s 500,000 users, beating fiat in cost and speed.
• • Building on a 2023 $33M raise, LemFi will next embed USDT across its product lines to scale globally.

Stablecoin Behemoth Tether Invests in Remittance Platform LemFi

Stablecoins have become an alternative in activities where traditional finance, due to its constraints, fails to provide a quick and cheap alternative, such as remittances.

Tether, issuer of USDT, the largest stablecoin in the cryptocurrency market, announced on Monday that it has made an undisclosed investment in LemFi, short for Lemonade Finance, a migrant-focused remittance platform serving customers in 30 countries. The company provides transactional services to link families and communities across the UK, the US, Canada, and Europe, allowing workers to send money to their loved ones.

Tether’s capital injection will help LemFi continue expanding the use of stablecoins, particularly USDT, to power its business model and will include a broad implementation across LemFi’s product lines to make it more efficient and faster.

Per Tether’s statements, this movement aims to support the company’s mission to “bridge the gap between traditional finance and digital assets,” continuing to expand the support and adoption of stablecoins as a true alternative to fiat services.

Paolo Ardoino, CEO of Tether, highlighted the relevance of yet another investment directed to building a financial network powered by stablecoins. “Our investment in LemFi reflects our shared vision on how money moves across borders, prioritizing speed, cost, and transparency. By supporting LemFi’s growth and innovation roadmap, we are helping bring the benefits of a stable digital asset to more people who rely on remittances in their daily lives,” he declared.

Ridwan Olalere, LemFi’s co-founder and CEO, qualified the investment as a milestone for the company, validating his belief in a system that works equally well across borders. “Integrating USDT into our infrastructure brings us closer to that reality, enabling faster, cheaper, and more reliable financial services for the millions of people who depend on us every day,” Olalere concluded.

In 2023, LemFi raised $33 million in a Series A round led by Left Lane Capital. At that time, the company had already served over half a million customers, having officially launched in 2020.