In a move set to redefine financial inclusion for immigrant communities, London-based global remittance startup LemFi has acquired UK fintech Pillar, a startup known for its credit access solutions tailored for migrants. The acquisition, recently approved by the UK’s Financial Conduct Authority (FCA), marks a pivotal shift in how immigrants in the UK—and eventually beyond—can access credit services traditionally out of reach.
With the integration of Pillar’s technology and leadership team—including co-founders and Revolut alumni Ashutosh Bhatt and Adam Lewis—LemFi is positioning itself to become the first major remittance platform to embed credit as a core feature of its financial ecosystem.
Tackling a Longstanding Problem: Credit Invisibility
The acquisition directly addresses one of the most persistent barriers facing immigrants: the inability to access credit due to a lack of UK-based financial history. Despite strong financial backgrounds or stable income, immigrants are often deemed "credit invisible" by traditional lenders. In the UK alone, nearly 5 million people fall into this category—with immigrants disproportionately represented due to challenges like:
- No transferable credit history from home countries
- Limited understanding of UK financial systems
- Documentation gaps related to immigration status
- Language and informational barriers
This has resulted in 13% of migrants being financially excluded compared to just 3% of the general population.
Ashutosh Bhatt, whose personal immigration experience inspired Pillar’s creation, explains:
“I couldn’t access any of the everyday financial products I had in India. Despite earning a good salary at Barclays, I couldn’t even get an iPhone!”
Credit Access as the Next Frontier
The acquisition brings LemFi closer to its broader ambition: to provide full-stack financial services for immigrants globally. LemFi CEO Ridwan Olalere confirmed that the company plans to roll out credit cards tailored for immigrants, beginning with the UK.
“Credit marks the next frontier for us,” Olalere stated. “With Pillar’s tech and team, we can now support immigrants not only in moving money but in building their financial identities.”
The LemFi Credit service—currently in private beta with over 8,000 users—offers tiered virtual credit lines of £300, £700, or £1,000, accessible via Apple Pay and Google Pay. The service has been growing steadily at 18% week-on-week.
Through the Pillar acquisition, LemFi plans to expand its credit offering to include:
- International credit recognition
- Alternative credit scoring models
- Graduated credit building tools
- Seamless integration with remittance services
These offerings aim to create more equitable and practical pathways for financial participation by those typically locked out of traditional banking systems.
A Growing Market with Global Implications
The timing of this strategic deal aligns with a shifting global migration landscape. In 2022 alone, net migration to the UK topped 700,000, creating a growing demand for financial tools that cater specifically to newcomers.
Industry analysts estimate that closing the credit access gap for immigrants could unlock billions in economic value—not just for individuals but for the broader financial system.
Since its inception, LemFi has served over 2 million customers across the US, UK, Canada, and Europe. The company recently closed a $53 million Series B round in January 2025, raising its total funding to $86 million. Key backers include Highland Europe, LeftLane Capital, Endeavor Catalyst, and Y-Combinator.
Building a Financial Future for the Borderless Generation
For LemFi, the acquisition isn’t just a product expansion—it’s a mission-driven evolution. The company’s message is clear: immigrants deserve the same financial tools and dignity as anyone else, no matter where they come from.
As co-founder Ashutosh Bhatt put it:
“When the world is busy building interplanetary life, we still can’t offer a credit card to someone from another country. That must change.”
With LemFi and Pillar now united, that change may be closer than ever.
To learn more, visit www.lemfi.com.