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LemFi Acquires Pillar to Support Credit Services for Immigrants
- LemFi has acquired Pillar to develop specialized credit services and cards for immigrants, starting with the U.K.
- The acquisition includes Pillar's credit scoring technology, FCA credit license, and track record of growth.
- Pillar co-founders Ashutosh Bhatt and Adam Lewis will join the LemFi team.
- LemFi plans to offer credit cards in the U.K. and expand LemFi Credit features publicly.
- The LemFi platform initially focused on payments and remittances and now offers multi-currency accounts.
- LemFi Credit attracted over 8,000 users in its first six weeks of private beta.
- The credit offering includes virtual cards usable with Apple Pay or Google Pay and physical Visa cards later.
- Pillar's technology will enhance credit cards with international credit histories and non-traditional data for credit evaluation.
- The cards will offer credit building, combining cross-border payment capabilities with credit services.
- Pillar co-founders seek to enhance immigrant access to bank accounts and credit cards by joining LemFi.
- LemFi and Visa Cross-Border Solutions expanded their partnership to extend services globally.
- In January, LemFi raised $53 million in Series B funding to support international payments innovation.
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