LemFi, a financial platform focused on cross-border payments, is launching its remittance services in Australia after receiving regulatory approval from the country’s financial intelligence agency.
The approval allows the company to operate as an independent remittance dealer and marks its entry into the Australian market.
Australia’s migrant population has grown rapidly in recent years.
It now accounts for 31.5% of the total population, or around 8.6 million people, following record levels of net overseas migration. Migrants contribute an estimated US$330 billion (A$480.5 billion) to the Australian economy.
Outbound remittances from Australia reached US$38.2 billion (A$56.6 billion) in 2024. India was the largest recipient, receiving US$7.3 billion, followed by China at US$5.35 billion.
Other major remittance destinations include Vietnam, the Philippines, Pakistan, Kenya and Nigeria. All of these are markets where LemFi already operates.
LemFi has received formal authorisation from AUSTRAC to provide remittance services independently.
As an authorised remittance provider, LemFi can now offer money transfer services directly to Australian residents. Customers in Australia will join more than two million users across Europe and North America. These users send funds to over 30 countries worldwide.
Rebeca Wignall, Chief Legal Officer at LemFi, said:
“Remittances are more than transactions; they are about family, responsibility and opportunity. Receiving AUSTRAC approval reflects the strength of our compliance framework. It also allows us to support Australia’s diverse migrant communities with secure, transparent and accessible financial services.”
Australia is the latest addition to LemFi’s international footprint. The company holds licenses and regulatory approvals in the UK, Ireland and the US.
It also operates across several remittance corridors in Africa and Asia.
Featured image credit: Edited by Fintech News Australia, based on image by gographicstudio via Freepik
