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African FinTech LemFi has acquired London-based investment platform Wealth8 after securing approval from the UK’s Financial Conduct Authority (FCA). The acquisition marks LemFi’s entry into the WealthTech sector and puts it on the path to becoming a full financial-life platform and evolving from its origin as a cross-border payments platform.
Wealth8 is a technology-driven platform designed to connect people with wealth and investment opportunities. It claims to do so by providing easy access to global investment products, as well as the ability to learn the language of investing.
For LemFi, the first half of this year has been all about hitting major strategic milestones. In April, the Nigerian-founded FinTech not only chose London as its global headquarters but also committed $134.9 million (£100 million) to expand its UK operations. The following month, the company secured a strategic investment from Tether to accelerate stablecoin-powered remittances across Africa and Asia.
According to LemFi, the acquisition enables the company to introduce long-term investment products alongside its existing cross-border payments, savings and credit services. The move reflects the financial journey of many immigrants, who often begin by sending money home before building savings, accessing credit and eventually investing to create long-term wealth.
Ridwan Olalere, co-founder and CEO of LemFi, said, “We started LemFi by helping people send money because that was the most urgent need. But financial progress doesn’t stop at the transfer. This approval allows us to help customers save, access credit and now invest, supporting them as they build long-term financial security wherever they call home.”
The deal was completed after receiving approval from the UK’s Financial Conduct Authority (FCA), a milestone that provides the regulatory foundation for LemFi to offer investment services in the UK. The company said the approval strengthens its ability to expand its product suite in one of its key markets while maintaining compliance with the country’s financial regulations.
The acquisition also accelerates LemFi’s ambitions in WealthTech by integrating Wealth8’s investment capabilities into its platform. Wealth8 has focused on making investing more accessible through low entry barriers and diversified investment opportunities, particularly for communities that have traditionally been underserved by mainstream wealth management providers. LemFi says it plans to build on that foundation by making long-term investing more accessible to its globally mobile customer base.
The addition of investment products represents the next stage of its mission to help customers build lasting financial security rather than simply move money across borders. While the company has already expanded into savings and credit, the Wealth8 acquisition enables customers to participate in long-term investing, allowing them to grow wealth alongside managing their day-to-day financial needs.
Now that the Wealth8 acquisition is completed, the company will successfully evolve from a remittance-focused Fintech into a broader financial services platform. A platform bringing together remittances, savings, credit and investment services under one ecosystem.
