LemFi adds UK savings, credit and travel eSIMs as it moves beyond money transfers

Money transfer company LemFi has rebuilt its app to offer UK savings accounts, a credit line, and travel eSIMs, as it expands from remittances into a wider financial platform for people living outside their home countries.

The company announced the changes in London on 21 October 2026, alongside a new global brand line, “Ambition has no passport”. It said more than two million customers use the platform to send money to more than 30 countries, with monthly transaction volumes above USD 2 billion. It plans to add more countries next year.

What is new

The savings and credit products are available in the UK only, for now. The company said other markets would follow.

The LemFi Instant Access Savings Account pays 5 per cent AER for the first six months after opening. It then reverts to 3.04 per cent AER, a tracker rate that follows the Bank of England base rate. Accounts open from £1, and withdrawals carry no penalty. Deposits are held by ClearBank and protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per eligible depositor.

The credit product is a revolving credit line, offered subject to availability and issued by Lemfi Credit through Pillar, an FCA-regulated provider LemFi acquired in 2025. It comes as a virtual card on Apple Pay and Google Pay and can be used for spending and sending money. Eligible customers can also view their Equifax credit score free in the app.

The eSIM service lets users buy mobile data for more than 100 destinations before they travel, without swapping SIM cards or paying roaming charges. International transfers continue as before.

Why the shift

LemFi says the move responds to a gap in financial services for migrants, whose credit histories and financial records rarely carry across borders. It cited estimates that about 304 million people live outside their country of birth and send about USD 905 billion home each year.

“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 of LemFi.

The app has been rebuilt to hold several products across several countries in a single account, rather than adding them to a transfer app. The company said the new design also makes products easier to find and allows new services to be added as it grows.

The new brand identity will appear across the product interface, website, marketing, and social channels, and will roll out across its global markets.

What to watch

The 5 per cent savings rate is promotional and applies for six months only. The rate after that moves with the Bank of England base rate, so it can change. The credit line is subject to availability, and both products are limited to UK customers at launch.