LemFi has acquired Bureau Buttercrane Limited, gaining a Payment Institution License from the Central Bank of Ireland to facilitate its expansion into the European Economic Area.

Information on the Target

LemFi, a financial services platform that targets immigrant populations across 22 countries, has acquired Bureau Buttercrane Limited, a currency exchange platform based in Ireland. This acquisition is a significant milestone for LemFi as it aims to enhance its operations within the European Economic Area (EEA) through the acquisition of Bureau Buttercrane's Payment Institution License. This license will enable LemFi to expand its services, thereby tapping into the European remittance market.

Industry Overview in Ireland

The financial technology sector in Ireland has seen substantial growth in recent years, primarily driven by the country’s favorable regulatory framework and its strategic position within Europe. Ireland has become a hub for numerous fintech companies, attracting significant investment and talent. This environment encourages innovation and offers a wealth of opportunities for companies looking to expand their services within the EU.

Since Brexit, many companies have sought to establish a presence in Ireland to ensure regulatory compliance when serving European customers. The Central Bank of Ireland has embraced this i