INFOGRAPHIC: Startup Funding in Africa and the Middle East — Week 3, 2025
Here are the venture funding activities we tracked in the Middle East and African region this week – including Lemfi, qbiq, ControlMonkey, FARO, Halo AI, Sistema.bio, The Awareness Company, and Opteam.
- Nigerian fintech startup Lemfi banks $53M in a Series B round to expand into new markets
- Israeli AI company qbiq AI closes $16M in Series A funding to boost its operations and development
- Israeli end-to-end cloud automation platform ControlMonkey receives $7M in seed funding to scale its cloud governance tools and expand global operations
- South African recommerce startup FARO raises $6M to make fashion affordable
- Saudi AI-powered networking platform Halo AI secures $6M in seed funding to expand AI operations globally
- Kenyan biogas tech firm Sistema.bio garners $3.5M investment to scale African renewable energy solution
- South African SaaS firm The Awareness Company receives $1.6M in seed funding to enhance AI and expand its market reach
- UAE contech company Opteam closes undisclosed pre-seed round to deepen AI and scale operations
Nigerian fintech startup LemFi banks $53M in a Series B round to expand into new markets
LemFi, a Nigerian-born remittance startup now based in Canada, has raised $53 million in a Series B funding round from Highland Europe – a London-based growth-stage firm known for backing startups with over €10 million in annualized revenue – with participation from existing investors, including Endeavor Catalyst, Left Lane Capital, Palm Drive Capital, and Y Combinator, bringing LemFi’s total funding to $85 million since its inception in 2019.
Recently, the company strengthened its operations by partnering with Modulr, following a key milestone in acquiring a UK-based Rightcard Payment Services for an EMI license and securing an IMTO license in Nigeria. To further expand its footprint in Europe, the startup acquired an undisclosed Republic of Ireland-based firm, allowing it to operate independently starting next month. Established in 2020 by Ridwan Olalere and Rian Cochran, LemFi provides immigrants with a seamless way to send, receive, and manage money across borders.
Currently, LemFi serves African immigrants across 22 countries and processes $1 billion in payments monthly – a significant increase from its $2 billion annual figure recorded in 2023. As the company prepares to launch a customer card in the US, UK, and Canada, it is also looking to expand its workforce to support its rapid growth. This new capital will enable the company to acquire additional licenses, establish strategic partnerships, and improve its localized services.
