Nigeria's LemFi Acquires UK’s Pillar to Unlock Credit Access for Immigrants
LemFi, a Nigerian fintech focused on cross-border payments, has acquired UK-based credit startup Pillar in a strategic move aimed at deepening financial inclusion for immigrant communities.
Pillar, founded by former Revolut executives Ashutosh Bhatt and Adam Lewis, has developed a model that uses global credit insights and non-traditional data to help “credit invisible” individuals without a local credit history and access to essential financial services.
This population includes millions of immigrants who face barriers when applying for credit cards, loans, or mobile contracts despite being employed and financially stable.
“Credit forms a critical part of our vision of building a full-stack financial service for immigrants everywhere,” said LemFi CEO and co-founder Ridwan Olalere. “With this acquisition, we plan to offer credit cards starting in the UK, then expand.”
Bhatt, who will join LemFi along with co-founder Lewis, described his personal experience arriving in the UK: “Despite earning a good salary at Barclays, I couldn’t get basic financial products like a credit card. This acquisition will help change that for millions.”
LemFi, launched in 2021, started by offering low-cost international remittances and now serves over two million customers across the US, UK, Canada, and Europe. With a monthly transaction volume exceeding $1 billion and plans to expand into Asia and Latin America, the fintech is scaling rapidly, reporting 30% month-on-month growth.
The new LemFi Credit product has already attracted 8,000 users during its private beta. By integrating Pillar’s technology, the company aims to let immigrants carry over their credit histories from home countries, use non-traditional data for credit assessments, and gradually build their credit with secured products, all while sending money abroad.
The acquisition will also provide LemFi with a UK Financial Conduct Authority (FCA) credit license and access to Pillar’s proprietary alternative credit scoring technology.