LemFi Secures FCA Approval to Acquire Wealth8, Expands into Wealthtech
LemFi has secured approval from the UK's Financial Conduct Authority to acquire Wealth8, an FCA-regulated investment platform, clearing the way to add wealth-building and investing to its cross-border financial ecosystem. The approval lets LemFi move beyond remittances, credit and savings—already offered through its Instant Access Savings Account earning up to 5.00% AER—into long-term investing for its over two million customers who live and work across borders. Wealth8 was created to make investing simple, affordable and accessible, offering diversified portfolios with minimums as low as £8 and targeting communities that mainstream platforms have overlooked, a group highlighted by research showing a wide ethnic wealth gap in the UK. LemFi says the move continues its evolution from a remittance specialist to a full financial-life platform, following recent launches in credit, connectivity and savings. CEO Ridwan Olalere said the approval lets the company help customers save, access credit and now invest, supporting them as they build long-term financial security wherever they call home. With this step, LemFi aims to close the investment gap for diaspora communities and turn saving into lasting wealth.