LemFi buys Wealth8 to add investing to its platform

LemFi has acquired investment platform Wealth8 after receiving approval from the Financial Conduct Authority, marking its entry into investment services.

The deal adds investing to a business that already offers cross-border money transfers, savings and credit products, broadening its financial services for customers in the UK, Europe, North America and Australia.

Wealth8 was founded to make investing more accessible for communities often overlooked by mainstream platforms. It offers minimum investment amounts from £8 and diversified portfolios, aiming to lower barriers for people who may not have used investment products before.

The purchase will enable LemFi to offer long-term investment options alongside products for people managing finances across multiple countries. More than 2 million customers use its platform.

Broader push

The move reflects a broader shift in LemFi's business model, from remittances towards a wider consumer finance offering. Earlier, the group introduced an instant-access savings account through ClearBank, adding savings to services that had already expanded beyond money transfers into credit.

That strategy reflects the view that migrant and internationally connected consumers need more than low-cost transfer tools as their financial circumstances evolve. By adding investment products, LemFi is seeking to support customers as they move from sending money abroad and building savings to investing in longer-term assets.

LemFi presented the acquisition as a response to persistent gaps in UK investment participation, citing figures showing that many adults with more than £10,000 in investible assets still keep most of their money in cash rather than investments.

It also pointed to research indicating that wealth disparities remain particularly pronounced for some ethnic minority communities and for people who have arrived from abroad. Unequal access to assets that can grow over time has contributed to those gaps, it said.

Market gap

Wealth8 was founded with that issue in mind, focusing on simplifying investment and reducing the minimum amounts needed to get started. Under LemFi's ownership, the model will be offered to a wider group of customers who live and work across borders.

The regulatory approval also strengthens LemFi's position in one of its key markets. The authorisation builds on its existing permissions in the UK and other approvals across North America, Europe, Australia, and remittance corridors in Africa and Asia.

Ridwan Olalere, Co-Founder and Chief Executive Officer of LemFi, set out the rationale for the deal.

"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," said Olalere.

The UK remains central to that expansion, with LemFi describing it as an important market for cross-border finance as it deepens its presence in the country and broadens the products it offers to internationally mobile consumers.