LemFi Acquires UK Fintech Pillar to Revolutionize Credit Access for Immigrants Globally

LemFi, a trailblazing international payments platform, has acquired London-based fintech Pillar to amplify its mission of delivering equitable financial services to immigrant communities worldwide.

Announced today, this strategic move integrates Pillar’s advanced credit technology and regulatory expertise into LemFi’s ecosystem, accelerating the rollout of specialized credit products tailored for immigrants. The acquisition also brings Pillar’s co-founders, Revolut veterans Ashutosh Bhatt and Adam Lewis, into LemFi’s leadership team, strengthening its capacity to innovate.

Founded in 2021, LemFi has rapidly become a trusted financial hub for over two million immigrants across the US, UK, Canada, and Europe, processing $1 billion in monthly transactions. With a 30% month-on-month growth rate and recent expansions into Asia and Latin America, LemFi’s acquisition of Pillar marks a pivotal step toward addressing the global challenge of credit invisibility.

Tackling Credit Invisibility for Immigrants

Credit access remains a significant barrier for immigrants, with approximately five million people in the UK and nearly 30 million in the US classified as “credit invisible” due to nonexistent or limited credit histories. In the UK, where 64% of adults hold at least one credit card and 83% use credit or loan products monthly, this exclusion impacts one in seven residents born overseas. Immigrants are four times more likely to be denied essential financial services like loans, credit cards, or mobile contracts, hindering their ability to establish financial stability.

Pillar’s cutting-edge alternative credit-scoring model addresses this issue by leveraging global credit insights and non-traditional data to assess eligibility. This approach enables immigrants to build a financial footprint from their first day in a new country, bypassing the limitations of conventional credit systems.

LemFi Credit: A Game-Changer in Financial Inclusion

LemFi recently became the first major remittance platform to embed credit services within its app through the launch of LemFi Credit. Since its private beta debut six weeks ago, the service has attracted over 8,000 users, growing at an impressive 18% week-on-week. Customers receive instant virtual cards compatible with Apple Pay and Google Pay, with physical Visa cards slated for public rollout later in 2025.

By integrating Pillar’s technology, LemFi Credit offers transformative features, including:

• Recognition of International Credit Histories: Immigrants can import their credit profiles from their home countries, ensuring their financial track record is acknowledged.
• Alternative Credit Assessment: Non-traditional data points provide a fair evaluation of creditworthiness for those without local credit histories.
• Graduated Credit Building: Secured or limited-line credit products evolve with users, fostering sustainable financial growth.
• Seamless Remittance Integration: Combines LemFi’s cross-border payment expertise with credit-building tools for a holistic financial experience.

Strategic Vision and Leadership

The acquisition follows LemFi’s $53 million Series B funding round, led by Highland Europe, which underscored its commitment to expanding credit services. Pillar’s FCA credit license and proven growth trajectory enhance LemFi’s ability to scale its offerings, starting with the UK market before expanding globally.

Ridwan Olalere, LemFi’s co-founder and CEO, emphasized the acquisition’s significance: “LemFi Credit already empowers our customers to build credit within our platform. With Pillar’s expertise, we’re poised to launch credit cards and fully deploy LemFi Credit’s features to the public. This acquisition is a cornerstone of our vision to create a comprehensive financial ecosystem for immigrants worldwide.”

Ashutosh Bhatt, Pillar’s co-founder, shared a personal perspective: “As an immigrant, I faced barriers accessing basic financial products in the UK despite a stable income. Partnering with LemFi allows us to scale our impact tenfold, delivering equitable credit access to millions globally.”

A Future of Financial Empowerment

With the global immigrant population growing and the demand for inclusive financial services rising, LemFi’s acquisition of Pillar positions it as a leader in reshaping how immigrants manage and access money. By combining LemFi’s robust remittance platform with Pillar’s innovative credit solutions, the company is set to bridge the gap for underserved communities, fostering financial inclusion on an unprecedented scale.

As LemFi prepares to launch its credit cards and expand its services, the partnership with Pillar signals a bold step toward a future where immigrants can access the financial tools they need to thrive, regardless of where they call home.

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