What is the Retail Payment Activities Act (RPAA)?

The Retail Payment Activities Act (RPAA) is a framework designed to bring the same level of safety and reliability to payment providers that Canadians expect from their major banks.

Under this framework, payment providers must meet strict standards for operational resilience, safeguarding and risk management. By successfully registering, LemFi has demonstrated our ability to meet these enhanced federal requirements, placing us within a high-standard regulatory environment that prioritises consumer protection and accountability.

Why This Registration Matters

This new registration brings us fully into Canada’s enhanced federal supervisory framework, strengthening oversight under the Bank of Canada’s new payments regime.

The milestone is key to our approach to reinforcing trust through compliance and legal frameworks. It also supports our long-term mission to build the full stack of financial services that move with people everywhere. While many providers focus solely on remittances, we are building a full financial ecosystem spanning payments, credit, savings and more within one platform.

Serving One of the World’s Vital Corridors

Canada represents one of the world’s fastest-growing outbound remittance markets. According to the Migration Policy Institute, outbound remittances from Canada reached an estimated US$8.6 billion in 2023. India, China, and the Philippines are among the top recipient countries and key corridors already supported by our global infrastructure.

Our registration as a Payment Service Provider under the RPAA reflects our commitment to building a platform that is not only innovative but deeply aligned with the highest regulatory and operational standards.

It means our customers can move money across borders knowing their funds are handled securely within a robust supervisory framework, while still benefiting from the speed, affordability and simplicity that define the LemFi experience.
said Rian Cochran, our Co-founder and CFO.

The Road to a Global Financial Platform

The registration adds to our expanding global regulatory footprint, which includes licenses and approvals in the United Kingdom, Ireland, Australia and across multiple US states. Today, we serve more than 2 million customers globally, enabling transfers to over 30 countries across Africa, Asia, Europe, and Latin America.

Over the past year, we have expanded our offerings:

• Credit Innovations: Launched Send Now Pay Later (SNPL) in the UK, strengthening our infrastructure through the acquisition of UK fintech, Pillar.
• Savings: Introduced Instant Access Savings Accounts, also starting in the UK.
• Global Accounts: Multicurrency Accounts, for those who want to operate in the currencies of global commerce.

Backed by a world-class team and some of the world’s leading investors, we will continue to expand and innovate, providing financial products and services to underserved populations globally.