Lemfi’s $53 million Series B delivers 29x return for Silverbacks Holdings

When Nigerian remittance startup LemFi closed its $53 million Series B round in January 2025, one of the biggest winners was Sliverbacks Holdings. The Africa-focused private equity firm, which also invested in Flutterwave and Moove, quietly exited its stake in the round, achieving a 29x return on its initial investment—an extraordinary outcome in a funding environment where big wins have become increasingly rare. 

The exit, Silverbacks’ eighth overall, aligns with the firm’s strategy of partially exiting its investments to realise profit. It is also the firm’s sixth exit from a Nigerian tech-enabled company and marks the fourth time a Nigerian fintech has delivered returns to Silverbacks’ investors. 

“This 8th profitable exit, which delivered 29x cash invested, is another testament to the quality of our portfolio’s founders and the investment sophistication of the Silverbacks ecosystem, “ said Ibrahim Sagna, the executive chairman of Silverbacks Holdings. “ Our commitment remains to amplify African tech, sports, and creative spirits on the world stage.”

By Muktar Oladunmade.

Full story at Tech Cabal.