LemFi has acquired UK-based credit fintech Pillar to expand its services and introduce credit cards tailored for immigrants in the UK and beyond. Pillar, which previously focused on credit access for immigrants, aligns with LemFi’s mission to improve financial inclusion for underserved communities. The acquisition comes amid increasing challenges faced by immigrants in the UK, where approximately five million people are classified as “credit invisible” and often excluded from mainstream financial services due to a lack of local credit history and other structural barriers. LemFi has already launched LemFi Credit in a limited beta, attracting over 8,000 users within six weeks and offering credit limits of approximately USD 1,270.
LemFi’s VP of Credit, Ashutosh, shared his experience: “Despite arriving and earning a good salary at Barclays, I couldn’t even get an iPhone!” He added, “Immigrants are always dealt a bad hand, especially if they’re coming from emerging markets - we need equitable access to credit for everyone. With Pillar, LemFi will increase its reach by 10X and build truly global access to credit.” LemFi’s Co-Founder and CEO, Ridwan Olalere, highlighted, the company’s goal has been to build full financial services for immigrants, and introducing credit is the next step.
