KATHMANDU, Nov 17: LemFi, a financial platform focused on serving immigrants, has launched an Instant Access Savings Account in the United Kingdom, marking a major step in its plan to build a complete financial ecosystem for migrant communities, the company said in a press release.
The savings feature, powered by ClearBank, allows more than two million LemFi users to earn daily interest—paid out monthly—directly within the LemFi app. The funds will be held with ClearBank, a regulated UK institution, with deposits protected up to £85,000 under the Financial Services Compensation Scheme (FSCS), the press release further stated.
At rollout, LemFi is offering a 3.92 percent interest rate, significantly higher than the UK average of 2.27 percent for similar savings accounts. The rate currently tracks the Bank of England’s base rate but will shift to a variable model in the future to remain competitive.
The company said the product aims to address longstanding financial challenges faced by immigrants, including limited access to trusted savings tools, credit barriers, and difficulties navigating mainstream banking. Around five million people in the UK are considered “credit invisible,” with migrants from emerging economies disproportionately affected. In 2023 alone, immigrants in the UK sent over £9.3 billion in remittances to their families abroad.
The savings product has already seen strong early interest, with more than 7,000 users participating during its private beta phase since August.
According to the company, the launch follows LemFi’s recent partnership with Nepal’s eSewa Money Transfer, which expanded its remittance reach in Asia.
LemFi said the move is part of a broader plan to introduce more financial products, including LemFi Credit and Send Now Pay Later (SNPL), aimed at helping immigrants build credit and manage cross-border financial needs.