Why We Acquired UK Fintech Pillar - LemFi

LemFi has acquired Pillar, a UK-based fintech startup focused on credit scoring, marking a strategic move into the credit space as the remittance platform broadens its financial offerings.

The deal includes Pillar’s proprietary alternative credit scoring model, its UK credit license, and the addition of co-founders Ashutosh Bhatt and Adam Lewis to the LemFi team. Both founders are Revolut alumni and launched Pillar in 2021 with backing from Global Founders Capital and Backed VC.

According to LemFi, the acquisition “paves the way for deeper, specialised credit services and cards designed specifically for immigrants.” Currently serving two million users across North America and Europe with international transfers and multi-currency accounts, LemFi is actively building out its suite with the introduction of LemFi Credit.

LemFi Credit offers a revolving credit line of up to £300 and was developed in partnership with Fintern to address the challenges immigrants face due to thin or non-existent credit histories.

Since its private beta launch, the service has attracted over 8,000 users in just six weeks, with LemFi reporting 18% week-on-week growth. Customers currently receive virtual spending cards, with physical Visa cards set to launch “later this year when the service is rolled out to the public,” beginning in the UK.

With Pillar’s technology, LemFi aims to enhance its non-traditional credit assessment tools and enable users to import credit histories from their home countries. Future plans include graduated credit-building features, starting with secured and limited-line credit products.

The acquisition follows LemFi’s recent $53 million Series B round led by Highland Europe, with participation from Left Lane Capital, Palm Drive Capital, and Y Combinator.