LemFi launches remittance services in Australia after AUSTRAC approval
Global financial platform LemFi has received formal authorization from Australia's financial regulator AUSTRAC to launch its remittance services directly to Australian residents. The approval enables LemFi to serve Australia's rapidly growing remittance market, where $38.2 billion (AUD$56.6bn) was sent overseas in 2024. Australia's migrant population now exceeds 8.6 million people (31.5% of total population), driving surging outbound remittances. LemFi, already serving over 2 million customers across Europe and North America, will now offer competitive exchange rates and low-cost transfers to Australian residents. The company's expansion aligns with its mission to build a full financial ecosystem for immigrants, spanning remittances, savings and credit services. AUSTRAC approval demonstrates LemFi's compliance with stringent international standards, providing trust for Australia's diverse migrant communities.