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After securing €46M, LemFi acquires UK fintech Pillar to expand credit access for immigrants globally

  • LemFi, an immigrant financial services platform based in Oakland, California, has acquired UK credit fintech company Pillar.
  • The acquisition follows LemFi raising $53M (approximately €46M) from Highland Europe earlier this year.
  • Pillar's technology aims to help immigrants access credit products using unique data and analytics, powered by Open Banking.
  • Pillar's co-founder expressed excitement about the partnership with LemFi to increase global credit access.
  • LemFi recently launched LemFi Credit, the first remittance platform to integrate credit services.
  • LemFi Credit has gained over 8,000 users with 18% weekly growth during a private beta.
  • Users receive a virtual card compatible with Apple Pay and Google Pay, with physical Visa cards to be available later.
  • The cards will leverage Pillar's technology to import international credit histories, assess creditworthiness, and facilitate credit building.
  • Ridwan Olalere, LemFi CEO, highlighted the importance of credit within the LemFi app.
  • The acquisition of Pillar enhances LemFi's ability to offer tailored credit services for immigrants.
  • LemFi gains access to Pillar's technology, FCA credit license, and the expertise of Pillar's co-founders.
  • LemFi, founded in 2021, provides financial services for immigrants, offering payments, remittances, and multi-currency accounts.
  • The platform has over two million customers globally and $1B monthly transaction volume.
  • LemFi plans to expand into Asia and Latin America, supported by $85M funding from investors like Y Combinator and Highland Europe.
  • The company's team consists of 300+ individuals across Africa, Europe, and North America.

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