Pillar Acquired by LemFi to Enhance Financial Access for Immigrants
Deal News | Jun 17, 2025 | UK Tech Funding
LemFi, an international payments firm known for providing multi-currency accounts, has acquired London-based fintech Pillar. Pillar was established in 2021 with an aim to grant immigrants easier access to credit when relocating to a new country. This acquisition will help LemFi expand its financial service offerings to immigrant communities by integrating credit services into its core platform. Pillar co-founder Ashutosh Bhatt, who experienced challenges accessing financial products himself after moving from India to the UK, founded the company alongside CTO Adam Lewis. With their backing, LemFi plans to offer credit cards and other financial services starting in the UK, thereby enhancing its 'LemFi Credit' solutions. The founders of Pillar will join LemFi in their mission to create a comprehensive financial platform for immigrants.
Sectors
- Financial Technology (Fintech)
- Immigrant Financial Services
Geography
- United Kingdom – Pillar is based in London, indicating that the company was operated originally in the UK.
- International – LemFi offers international payment services and aims to expand financial inclusion globally, reflecting a broader geographical focus.
Industry
- Financial Technology (Fintech) – The article discusses two fintech companies, Pillar and LemFi, which offer financial services aimed at enhancing access to credit and international payment capabilities.
- Immigrant Financial Services – Both LemFi and Pillar are focused on providing financial services tailored to immigrant communities, helping them access credit and manage finances internationally.
Financials
- 13 million – The amount of funding Pillar raised less than a year after its launch, with investments from Global Founders Capital and Backed VC.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Pillar | Target Company | Company | A London-based fintech company focused on providing credit access to immigrants. |
| LemFi | Bidding Company | Company | An international payments firm offering multi-currency accounts to facilitate financial services for immigrant communities. |
| Ashutosh Bhatt | Co-founder | Person | Co-founder of Pillar, who experienced firsthand the financial access issues immigrants face. |
| Adam Lewis | Chief Technology Officer | Person | CTO and co-founder of Pillar. |
| Ridwan Olalere | Co-founder and Chief Executive | Person | Co-founder and CEO of LemFi, overseeing the expansion and integration of LemFi's financial services. |
| Global Founders Capital | Investor | Company | A venture capital firm that invested in Pillar. |
| Backed VC | Investor | Company | A venture capital firm that invested in Pillar. |