LemFi, a Nigerian-founded fintech specializing in remittance and financial services for immigrant communities, has acquired Pillar, a UK-based credit fintech focused on improving credit access for immigrants. The acquisition, marks a significant expansion of LemFi’s product offerings beyond cross-border money transfers to include credit cards and specialized credit products tailored for immigrants in the UK and Europe.
Pillar’s co-founders, Ashutosh Bhatt and Adam Lewis—both former Revolut executives—have joined LemFi’s leadership team, bringing their expertise and the company’s FCA-regulated card issuance technology to support LemFi’s ambitious growth plans.
Why Is This Acquisition a Key Milestone?
Immigrants in the UK face significant barriers accessing credit due to limited local credit history. Studies show only 1 in 10 immigrants believes credit access has improved recently, and banking exclusion affects 13% of migrants compared to 3% of the general population. Pillar’s technology uses Open Banking and alternative data to assess creditworthiness and allows immigrants to “import” credit history from their home countries, addressing this gap.
With Pillar’s FCA-approved card issuance platform and co-founders—former Revolut executives Ashutosh Bhatt and Adam Lewis—joining LemFi, the company plans to launch virtual credit cards compatible with Apple Pay and Google Pay immediately, with physical Visa cards expected later in 2025.
LemFi’s Market Position and Growth
Founded in 2021 and led by CEO Ridwan Olalere, LemFi serves over 2 million customers across Europe, North America, and Canada, processing more than $1 billion in monthly transaction volume. The company raised $53 million in Series B funding in January 2025, bringing total funding to over $85 million, with investors including Highland Europe, Left Lane Capital, Endeavor Capital, and Y Combinator.
LemFi’s platform offers multi-currency accounts, low-cost global remittance, and now, with Pillar’s acquisition, credit-building tools integrated with its existing financial services.
Market Opportunity and Competitive Landscape
The UK credit market is substantial, with 64% of adults holding at least one credit card and 83% using credit or loan products monthly, representing a £645 million market. However, approximately 5 million people are “credit invisible”, lacking sufficient UK credit history to access these products.
LemFi’s acquisition positions it uniquely to serve this underserved segment by combining remittance, multi-currency wallets, and credit products in a single platform. This move intensifies competition among immigrant-focused fintechs such as Grey, PalmPay, NALA, Kuda, and Eversend, all expanding remittance and neobanking services globally.
Ridwan Olalere, CEO of LemFi, highlighted that the acquisition is a strategic step towards building a comprehensive financial platform tailored to the unique needs of immigrants, starting with credit products integrated with remittance services.
Deal terms were not disclosed.
