Lemonade Finance, a digital bank built for the African diaspora, has announced its raise of $725,000 in a pre-seed funding round. Y Combinator, Microtraction, Ventures Platform, Acuity Venture Partners, along with, several other individual investors all participated in the funding process. It was one of the 9 African startups that joined the YC Summer 2021 cohort in June.

In an interview, the Co-founder of Lemonade Africa, Olalere Ridwan, disclosed the process. The new fund will enhance the team’s bench and improve the app’s features. While also increasing the countries it currently covers. Lemonade Finance allows its users to hold balances in the currencies that matter to them. Users can also conveniently transfer money back and forth from Nigeria without waiting for days before the transfer is effected. According to the co-founders, Olalere Ridwan and Rian Cochran, the flexibility is intentional and has been at the core of the team’s thinking in building the app.

Lemonade Finance came into place in 2020; when the co-founders identified the need to create a solution for Africans in the diaspora. This is to enable them, send and receive money from home efficiently, speedily and at affordable rates. Lemonade Finance provides a 100% digital payment experience for Africans to seamlessly participate in the global economy from anywhere in the world without any hassle or regardless of where they are from.