LemFi Acquires Pillar UK to Power Migrant Credit Access and Expand Beyond Remittances

For many migrants, arriving in a new country means starting from zero—no local credit history, no access to loans, and limited ways to build financial trust. Nigeria-founded LemFi, a fast-growing fintech known for helping migrants send money home, wants to change that.

LemFi has now acquired Pillar UK, a credit card startup, in a deal that marks a major shift in how the company plans to serve its users. It’s not just about remittances anymore—it’s about helping migrants live better lives where they are.

A Shortcut to Solving a Real Problem

Rather than wait years to secure a license to issue credit cards in the UK, LemFi found a quicker path: acquire a startup that already had the tech, the approvals, and the same mission. That startup was Pillar.

Pillar’s co-founder Ashutosh Bhatt saw the deal as inevitable. “If we didn’t join forces, we’d end up going after the same users with overlapping products. It made more sense to build something together,” he said.

Now, with the LemFi acquires Pillar UK deal completed, Pillar’s team and technology are being folded into LemFi’s app, where users will soon be able to access credit cards alongside money transfers.

Credit Where It’s Overdue

LemFi’s CEO Ridwan Olalere says the company is building a credit engine that looks at your financial footprint from back home—something traditional banks rarely do. “We’re focused on helping migrants be seen for who they already are, not just how long they’ve been in the UK.”

That’s a big deal. Many migrants earn good money but get denied credit simply because they haven’t been in the system long enough. Without a credit card, daily life in the UK can get complicated—from renting a flat to signing up for a phone plan.

LemFi acquires Pillar UK with this very gap in mind, aiming to turn its growing base of over 2 million users into one of the most financially empowered migrant communities in the world.

From Transfers to Full-Service Banking

This is LemFi’s next big step—going from just helping people send money, to helping them thrive financially wherever they are. The move mirrors a wider shift in the remittance fintech world: startups are no longer content just moving money. They want to be digital banks for people the system overlooks.

Remittance flows to low- and middle-income countries hit $685 billion last year. Startups like LemFi are tapping into this momentum, not just to grow, but to build meaningful tools for people who are often underserved.

With Pillar’s technology now under its belt, LemFi can offer something unique: a way to assess creditworthiness based on history in countries like Nigeria, India, or the Philippines—not just the UK. That kind of innovation could change everything for new arrivals trying to get their financial footing.

Shared Struggles, Shared Vision

What makes this deal even more grounded is that both Olalere and Bhatt have lived the very challenges they’re now solving.

Olalere worked at African fintech giants Flutterwave and Opay before launching LemFi. Bhatt moved to the UK from India and spent years navigating British banking as an immigrant, including stints at Barclays and Revolut.

Their personal stories are the blueprint behind this strategy: simplify finance for people who’ve already done the hard part—leaving home and starting over.

And they’ve got investor backing. LemFi raised $53 million in January, while Pillar raised nearly $17 million earlier. The connection between the two companies was sparked by a Berlin-based investor, and what began as casual talks two years ago eventually became this acquisition.

Not Without Challenges

Of course, using data from outside the UK to issue credit comes with regulatory hurdles. UK law is strict when it comes to privacy and how creditworthiness is judged. Some, like WorldRemit, say credit scores “don’t cross borders.”

LemFi and Pillar are betting they can still build a system that’s both fair and compliant. “We’re not importing scores—we’re building our own model,” Olalere explained. That model is meant to reflect real-life spending and saving patterns, not just what shows up on a UK credit report.

It’s bold—but it’s also what migrant users have been waiting for.

What’s Next?

With LemFi acquiring Pillar UK, the company is sending a strong message: remittances are important, but they’re just the beginning. Migrants deserve the full suite of tools to build real financial lives—credit, savings, access, and dignity.

As fintech funding tightens and the market matures, this kind of efficiency—two like-minded teams combining their strengths—isn’t just practical. It’s smart.

And for the people at the center of it all—migrants working hard to build lives across borders—it might finally mean getting credit where it’s due.

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