LemFi secures AUSTRAC approval to launch in Australia
LemFi has launched its remittance services in Australia following formal authorisation from AUSTRAC to operate as an independent remittance dealer. This strategic expansion positions the company within one of the world's most rapidly growing outbound remittance markets, where migrants transferred approximately 56.6 billion AUD (equivalent to 38.2 billion USD) overseas in 2024.
According to the firm, Australian residents are now able to utilise the platform to send funds to more than 30 countries, joining a global community of over 2 million LemFi users currently spanning Europe and North America.
Regulatory approval
AUSTRAC acts as Australia's financial intelligence agency and a regulator for anti-money laundering and counter-terrorism financing compliance. LemFi said the authorisation allows it to provide remittance services directly to customers in Australia.
The company described Australia as a major remittance market with strong growth linked to migration. Australia's overseas-born population now accounts for 31.5% of residents, or 8.6 million people, following record net overseas migration over the past two years.
Migrants contribute USD 330 billion, or AUD 480.5 billion, to Australia, according to figures cited by the company. Outbound remittances have risen in recent years, with India the single largest recipient of funds sent from Australia in 2024.
India received USD 7.3 billion in remittances from Australia in 2024, the company said. China followed with USD 5.35 billion. The company also listed Vietnam, the Philippines, Pakistan, Kenya and Nigeria as major remittance corridors from Australia.
Service details
LemFi said it will offer competitive exchange rates, fast transfers, and low-cost fees for Australian users. It said customers will be able to send funds to more than 30 countries, including several of the destinations that account for a large share of remittances leaving Australia.
The company positions its service for migrants and other customers who regularly send money abroad. The market has drawn longstanding providers and digital-first entrants, with competition often centred on pricing, speed, and compliance.
The AUSTRAC authorisation means LemFi operates as an independent remittance dealer in Australia, rather than relying on another licensed provider. That approach places direct responsibility on the company for regulatory compliance and reporting obligations.
Rebeca Wignall, Chief Legal Officer, LemFi, linked the approval to the company's compliance approach and its target customer base.
"Remittances are more than transactions, they are about family, responsibility and opportunity. Receiving AUSTRAC approval reflects the strength of our compliance framework and allows us to support Australia's diverse migrant communities with secure, transparent and accessible financial services," said Rebeca Wignall, Chief Legal Officer, LemFi.
Mamadou Diop, VP of Remittance, LemFi, described Australia as a key corridor for outbound transfers.
"Australia is a critical remittance corridor, and demand continues to grow alongside migration. This approval allows us to bring LemFi's trusted, customer-first remittance experience to a market where these services are essential to millions of people," said Diop.
Global expansion
LemFi has expanded its regulatory and geographic reach into Australia, building upon its existing approvals in the United Kingdom, Ireland, and the United States. In addition to these regions, the firm maintains operations across various remittance corridors throughout Africa and Asia. Established in 2021, the company has grown significantly and currently employs more than 300 staff members across its offices in Africa, Europe, and North America.
To date, LemFi has secured over USD 85 million in funding from a prominent group of investors, including Highland Europe, Left Lane Capital, Endeavor Catalyst, Palm Drive Capital, and Y Combinator.
Although the company's initial focus was primarily on remittances, its strategic roadmap involves diversifying into a broader suite of financial products specifically tailored for immigrant communities. This long-term vision encompasses not only cross-border money transfers but also savings and credit facilities.
Looking ahead, LemFi intends to further increase its regulated presence in new international markets. Simultaneously, the company is committed to enhancing its product ecosystem to better serve customers who frequently manage and move capital across global borders.