LemFi, the financial platform built for immigrants, has launched its Instant Access Savings Account in the United Kingdom in partnership with ClearBank, which provides real-time clearing and embedded banking. The product is the first step in bringing savings to LemFi’s global base of more than two million customers and forms part of its plan to build a full financial ecosystem for the immigrant community.

The new account allows customers to earn daily interest paid monthly within the LemFi app, enabling users to manage savings and international transfers in one place. Funds are held with ClearBank, a regulated UK institution, and eligible deposits are protected up to £85,000 under the Financial Services Compensation Scheme (FSCS).

At launch, the account offers a 3.92 per cent rate, well above the 2.27 per cent national average for similar products. The rate is currently linked to the Bank of England’s base rate with a move to a variable rate expected, which LemFi says will allow it to remain competitive while providing flexibility for users.

Immigrants continue to play a crucial role in financial flows. In 2023, individuals in the UK sent more than £9.3 billion in remittances to family and friends abroad. Yet many still lack reliable savings tools suited to cross-border lives, and face long-standing challenges in accessing credit and mainstream financial services. An estimated five million people in the UK are considered “credit invisible” with immigrants from emerging markets disproportionately affected.

Step toward a wider financial offering

The introduction of savings aligns with LemFi’s broader strategy to build a complete suite of financial products. This includes LemFi Credit, designed to help immigrants access and build credit through alternative assessment methods that recognise international credit histories. The company’s alternative scoring system also supports its Send Now Pay Later (SNPL) feature, which enables safe and timely remittances alongside controlled access to credit.

Since entering private beta in August 2025, more than 7,000 customers have used the Instant Access Savings Account, which LemFi says highlights strong demand for accessible tools tailored to the needs of immigrants.

LemFi Co-Founder and CFO Rian Cochran said many of the platform’s users already demonstrate strong saving behaviour but need products that offer security and convenience as they establish their lives in a new country. “By embedding savings into LemFi we are helping our customers not only send money to family and friends but also build stability in their new homes.”

ClearBank Chief Customer Officer John Salter said the partnership reflects a commitment to financial inclusion. “Banking should be accessible to everyone. By combining our secure infrastructure with LemFi’s understanding of its customers, we are enabling financial solutions that are transparent and built for everyday use.”

About LemFi

Founded in 2021, LemFi is building the future of financial services for immigrants across the globe. Initially focused on remittance, with over two million people across Europe and North America relying on LemFi to send funds to families in 30 emerging markets, the company is now expanding to become a full-service financial hub for immigrants. The LemFi team consists of over 300 people across Africa, Europe and North America, with over $85 million in funding from investors including Highland Europe, Left Lane Capital, Endeavor Catalyst, Palm Drive Capital and YCombinator.

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