Nigerian fintech startup Lemonade Finance has secured a US$725,000 pre-seed funding round.
Led by Y Combinator, other investors that took part in the funding round include Ventures Platform, Acuity Venture Partners and Microtraction.
Early this year, Lemonade Finance founded by Ridwan Olalere and Rian Cochran made the list of Y Combinator’s W21 batch.
The platform allows Africans to send and receive money from their countries in quick ways.
The startup app enables its users to have their balances in their local currencies and easily converts them.
Ridwan Olalere, one of the Co-founder’s commented, “Before Lemonade, international money transfers that should take minutes took days.
Those are hours of stress and anxiety for you and your family while your money is stuck in transit. It also makes it difficult for many Africans abroad, who own businesses, to keep those ventures running.
The Lemonade app solves all that, with great rates and instant transfers across borders; it’s a game-changer for the African diaspora,”
Dayo Koleowo, Managing Partner at Microtraction, also commented on Lemonade’s fund raising:
“As a multi-currency financial service provider, they make it easy for the African diaspora to send and receive money from their new country of residence, which is remarkable.
We believe Rian and Ridwan have the technical and financial know-how to provide the number one cross-border neobank for Africans in diaspora,”
Don’t miss important articles during the week. Subscribe to techbuild weekly digest for updates