LemFi, a cross-border financial platform, has announced the acquisition of Pillar, a UK-based credit technology startup, in a strategic move aimed at expanding its financial services to include credit products for immigrants.
The acquisition will enable LemFi to issue both physical and virtual credit cards in the United Kingdom, leveraging Pillar’s proprietary technology and FCA-regulated credit licence.
The financial terms of the deal were not disclosed.
Bridging the Credit Gap for Immigrants
LemFi, a digital finance company founded to serve immigrant communities, currently operates in multiple markets including the UK, the US, Canada, and parts of Europe. With over 2 million users and more than $1 billion in monthly transactions, LemFi offers multi-currency wallets, remittances, and virtual cards designed for cross-border users.
The acquisition of Pillar is expected to significantly enhance LemFi’s offerings by allowing the company to enter the UK credit market. Pillar’s credit engine uses Open Banking data and international financial history to assess creditworthiness, helping immigrants without a local credit score gain access to essential financial products.
“This acquisition marks a new chapter in our mission to serve the global immigrant community,” said Ridwan Olalere, Co-founder and CEO of LemFi. “By integrating Pillar’s technology, we can offer credit cards tailored to those who have traditionally been excluded from the financial system.”
Credit Innovation Through Open Banking
Founded by former Revolut executives Ashutosh Bhatt and Adam Lewis, Pillar developed a platform that allows users to build UK credit using financial data from their home countries. The startup had previously raised £13 million in funding and built a suite of tools that automate credit decision-making using alternative data sources.
Following the acquisition, Pillar’s founders will join LemFi’s leadership team, contributing to the company’s planned global expansion of credit services.
“As an immigrant myself, I experienced the frustration of being financially excluded,” said Pillar co-founder Ashutosh Bhatt. “With LemFi, we can now scale our mission to empower millions of others in similar situations.”
LemFi Credit to Launch in UK Market
LemFi has already run a private beta of its credit product, with over 8,000 users onboarded in just six weeks. The company plans to launch physical Visa credit cards later this year in the UK, fully integrated into the LemFi app. These cards will complement the company’s existing remittance and digital wallet features.
The move gives LemFi a competitive edge in the growing neobank and immigrant-focused fintech segment, positioning the company as a full-service platform for underserved populations.
Expanding Beyond the UK
The acquisition also paves the way for LemFi to introduce similar credit offerings in other key immigrant markets, including Germany, the Netherlands, Australia, and parts of Asia and Latin America.
The deal comes on the heels of LemFi’s recent €46 million Series B funding round, led by Highland Europe, with participation from Left Lane Capital, Y Combinator, and others.
