LemFi Secures Bank of Canada Registration to Strengthen Position in Canada’s $8.6bn Remittance Market

LemFi, the global financial platform built for the underserved, has officially been registered as a Payment Service Provider (PSP) by the Bank of Canada under the country’s new Retail Payment Activities Act (RPAA). 

LemFi already serves customers in Canada, and this new registration brings the company fully into the country’s enhanced federal supervisory framework, strengthening oversight under the Bank of Canada’s new payments regime.

The milestone is a key moment in LemFi’s ongoing quest to reinforce trust through compliance, but also serves the company’s mission to build the full stack of financial services that move with people across borders. While many providers focus solely on remittances, LemFi is building a full financial ecosystem spanning payments, credit, savings and more within one platform.

Fastest-growing outbound market 

Canada represents one of the world’s fastest-growing outbound remittance markets. According to the Migration Policy Institute, outbound remittances from Canada reached an estimated US$8.6 billion in 2023, up from US$7.5 billion in 2020. India, China and the Philippines are the largest recipient countries – key corridors already supported by LemFi’s global infrastructure.

Under Canada’s RPAA framework, payment providers must meet strict standards for operational resilience, safeguarding and risk management. Through its Canadian entity, Pomelo Technology Canada Ltd, LemFi demonstrated its ability to meet these enhanced federal requirements. The legislation establishes a higher regulatory standard for payment providers, increasing accountability and strengthening protections for consumers.

The registration adds to LemFi’s expanding global regulatory footprint, which includes licenses and approvals in the UK, Ireland, Australia and across multiple US states. Today, LemFi serves more than two million customers globally, enabling transfer to over 30 countries across Africa, Asia, Europe and Latin America. Over the past year, the company has expanded beyond remittances into credit and savings, launching Send Now Pay Later (SNPL) in the UK, introducing Instant Access Savings Accounts and expanding its credit infrastructure following the acquisition of UK fintech Pillar. Backed by a £53 million Series B and delivering 65% year-on-year revenue growth, LemFi continues to scale as a regulated, AI-enabled financial platform built for global citizens. 

Rian Cochran, co-founder and CFO of LemFi, said: “Canada is one of the world’s most important remittance markets, driven by a diverse and growing immigrant population. Being registered as a Payment Service Provider under the RPAA reflects our commitment to building a platform that is not only innovative but deeply aligned with the highest regulatory and operational standards.

“For our customers, this is about trust. It means they can move money across borders knowing their funds are handled securely within a robust supervisory framework, while still benefiting from the speed, affordability and simplicity that define the LemFi experience.”