LemFi acquires Pillar to strengthen ‘Credit’ access offering for immigrants

LemFi, a London-based fintech platform, has acquired Pillar, a UK-based fintech focused on credit access for immigrants, in a move to further transform financial services for immigrants. The acquisition will allow LemFi to deploy specialised credit cards designed for immigrant communities while addressing a prominent barrier to financial inclusion in the United Kingdom.

Since its emergence in 2020, LemFi has witnessed increased growth by helping diaspora communities in North America and, more recently, Europe, send money to emerging markets across Africa, Asia, and Latin America. With over 1 million active users, the fintech company utilises its multi-currency accounts to transfer money to friends and family in countries like Nigeria, Kenya, India, China, Pakistan, and 15 others.

The acquisition of Pillar now represents a significant milestone in LemFi’s growth strategy. The development comes at a time when immigrants in the UK face significant challenges in building credit histories and accessing financial services. Reports claimed that 90 per cent of immigrants believe access to credit has become difficult in the present economic climate.

LemFi’s vision is to reshape the future of how immigrants move their money globally and serve the world’s growing immigrant population. In the UK alone, net migration exceeded 700,000 people in 2022. 

Ridwan Olalere, LemFi co-founder and CEO, explained that through the LemFi Credit, the startup is already providing existing customers with the ability to grow their credit right within the LemFi app. He explained that the acquisition of Pillar will expand the initiative to customers, starting with the UK.

“We have long stated our vision of building a full-stack financial service for immigrants everywhere. Credit marks the next frontier for us in this journey. Rian and I are particularly pleased that Adam and Ash have agreed to join us in building it,” he added.

Also Read: Lemfi secures $53 million series B funding, expands to Asia and Europe.

The Lemfi Credit service had over 8,000 users in private beta testing within six weeks of launching. The initiative also saw an 18 per cent average week-on-week growth, where customers can get up to £300, £700, or £1000 based on their credit profile. They also get a Virtual Card to spend online and add the card to their Apple Pay or Google Pay wallets for ease of use. 

“LemFi is already the go-to remittance service for customers sending money to over 30 countries in Asia, Africa and Latin America. We invite our customers and partners to grow with us as we build on our existing financial service offerings to scale the company into a fintech giant. ” Ridwan noted.

In 2022, Pillar raised £13M ($16.9M) in pre-seed to develop a platform for immigrants to access credit products when they move to a new country. With the acquisition of the fintech company, LemFi will become the first major remittance platform to offer credit as a core product. The deal, already approved by the Financial Conduct Authority (FCA), will also see Pillar’s co-founders Ashutosh Bhatt and Adam Lewis join the LemFi team. 

LemFi x Pillar: What the acquisition means for immigrants’ Credit access

For many immigrants moving into a new country, being Credit Invisible is a major challenge. Regardless of their previous or prospective financial profile, their credit history does not follow them into their new country. Research shows that about 5 million individuals struggle to access mainstream financial services in the UK. Immigrants from the world’s emerging markets eventually pay the cost of inequitable access as a result of the unique challenges they face.

LemFi credit cards for immigrants will leverage Pillar’s technology by allowing immigrants to import their credit standing from their home countries and combine LemFi’s core cross-border payment capabilities with credit building. It will provide credit alternative credit assessments using non-traditional data points to evaluate the financial records.

For the millions of immigrants in the UK struggling to build credit histories, the development represents a significant step toward seamless access to quality financial services and opportunities.

Since its founding, the company has supported over 2 million customers in the United States, the United Kingdom, Canada, and Europe. In January 2025, LemFi secured $53 million in Series B funding, bringing its total funding to over $86 million. 

In 2023, the fintech platform recorded over $2 billion in annual transaction volume. The remittance platform has $1 billion in monthly payment volume, and the surge has been credited to strong adoption in the Asian corridor, which rakes in $160 million in monthly total payment volume (TPV) and is growing 30 per cent month-on-month within its first year of launch.