In a decisive step toward expanding its footprint in immigrant financial services, London-based fintech LemFi has acquired Pillar, a UK startup focused on credit access for newcomers. The deal is more than a standard acquisition—it’s a powerful alignment of mission and technology aimed at solving a long-standing problem for millions of immigrants: fair and timely access to credit.
Pillar, co-founded by former Revolut executives Ashutosh Bhatt and Adam Lewis, made waves in 2022 when it raised £13 million in pre-seed funding to build credit products for immigrants arriving in the UK. That vision—enabling immigrants to start financial life afresh without being penalized for lacking UK-specific credit histories—will now be carried forward and scaled through LemFi’s platform.
With regulatory approval from the UK’s Financial Conduct Authority, LemFi is now poised to become the first major remittance company to offer credit as a central product. This move significantly strengthens LemFi’s ambition to become a full-stack financial platform for immigrants around the world.
A Step Toward Solving Credit Invisibility
One of the greatest obstacles facing immigrants is being “credit invisible” in their new country. In the UK alone, there are an estimated 5 million individuals without adequate credit histories—many of whom are immigrants. Regardless of income or background, these individuals often struggle to access everyday financial products like credit cards, personal loans, or even mobile phone plans.
Ashutosh Bhatt’s personal experience illustrates this issue vividly. Despite securing a well-paying job at Barclays upon arriving from India, he found himself locked out of basic credit services. His story is echoed by thousands of others who arrive in the UK each year only to be excluded from systems that do not recognise foreign credit profiles.
LemFi intends to use Pillar’s technology to close this gap. With tools that can assess creditworthiness using alternative data and even integrate international credit histories, LemFi’s upcoming credit card offering is expected to directly serve this overlooked segment.
Credit as a Growth Lever
According to LemFi CEO Ridwan Olalere, the acquisition marks the company’s entry into the next phase of its evolution. Early this year, LemFi secured $53 million in new funding to accelerate customer acquisition and expand its presence in additional countries. “Credit marks the next frontier for us,” he said. “With Pillar’s technology and team, we’re accelerating our mission to provide inclusive financial services to immigrants everywhere.”
In fact, LemFi has already piloted its credit offering in private beta. Within six weeks, the service had over 8,000 users and maintained an impressive 18% weekly growth rate. Customers can qualify for credit lines of £300, £700, or £1,000, and use virtual cards integrated with Apple Pay and Google Pay.
A Market Ready for Change
With net migration to the UK exceeding 700,000 in 2022 and immigrant banking exclusion rates estimated at 13%, the need for inclusive credit solutions is urgent. The market potential is enormous—not just in social impact, but in economic value.
By marrying remittances with credit products, LemFi is building a unique ecosystem. It empowers immigrants not only to send money back home but also to establish themselves financially in their new countries. In doing so, it may set a new global standard for immigrant-focused financial services.
