Tether Invests in LemFi to Add USDT for 30-Country Remittances

Tether announced on Monday that it has made an undisclosed investment in LemFi, a remittance app focused on migrant workers and their families. The funding will support integrating USDT, Tether’s dollar-pegged stablecoin, across LemFi’s product suite to enable faster, lower-cost cross-border payments across 30 countries.

LemFi offers services that let users send and receive money across the UK, the United States, Canada and parts of Europe. Tether said the capital will be used to scale LemFi’s infrastructure and expand the use of USDT to power remittance flows.

LemFi launched in 2020 and reported it had served more than 500,000 customers after raising $33 million in a Series A round in 2023 led by Left Lane Capital. The size of Tether’s investment was not disclosed.

Paolo Ardoino, Tether’s CEO, said: “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.”

Ridwan Olalere, LemFi’s co-founder and CEO, called the investment a validation of the company’s model, adding, “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.”

Stablecoins are increasingly used in remittances because they can reduce settlement times and fees compared with some traditional payment channels. USDT is the largest stablecoin by market capitalization and is broadly available on exchanges and payment providers, which can simplify on- and off-ramps for companies expanding into new corridors.

LemFi plans to roll out USDT across its products to support its global expansion.