LemFi Acquires Pillar to Enhance Financial Services for Immigrants

California-based international payments company LemFi has announced its acquisition of London-based credit FinTech Pillar. This strategic move aims to further assist immigrant communities in accessing fair, rapid, and accessible financial services. LemFi, known for pioneering credit integration in its remittance platform, sees the acquisition as a pathway towards offering specialized credit services and credit cards tailored for immigrants. Pillar's co-founders, Ashutosh Bhatt and Adam Lewis, previously associated with Revolut, will join LemFi's team. LemFi's operations span the US, UK, Canada, Europe, and are expanding into Asia and Latin America, with over 2 million customers and $1 billion in monthly transaction volume to its name. The firm, having achieved a 30% monthly growth rate, recently secured $53 million in a Series B funding round led by Highland Europe. The UK market, with a large percentage of credit seekers, presents ample opportunity, especially as about five million people are deemed 'credit invisible.' Pillar's alternative scoring model utilizes global insights and non-traditional data to address this gap, promising a significant impact alongside LemFi's offerings.