Nigeria-Born LemFi Buys UK Fintech To Expand Credit Access For Immigrants
LemFi, a Nigerian-founded fintech company based in California, has acquired Pillar, a London-based startup focused on providing credit access to immigrants.
Speaking to Semafor, LemFi CEO Ridwan Olalere confirmed that the deal was finalized in May. He said the acquisition will pave the way for LemFi to launch a credit card feature within its app. The financial terms of the deal were not disclosed by either company.
LemFi acquires Pillar
Ashutosh Bhatt and Adam Lewis founded Pillar in 2021, after both working at Revoult. It raised £13 million less than a year after its launch, with investments from Global Founders Capital and Backed VC, according to UK Tech News.
“Despite earning a good salary at Barclays, I could not access even the everyday products I’d had in India. I couldn’t get an iPhone, let alone a credit card,’ Bhatt said. “I’m excited for the impact we will have together with LemFi to increase reach by 10X and build truly global access to credit.”
Fintech Futures reported that LemFi says the acquisition “paves the way for deeper, specialized credit services and cards designed specifically for immigrants.” It currently serves two million customers across North America and Europe, offering international money transfers and accounts. It is now expanding its suite with LemFi Credit.
About LemFi
LemFi was founded by Ridwan Olalere and Rian Cochran in 2021 with the initial idea of focusing on remittance. In January, it raised $53 million in a round led by London-based venture capital firm Highland Europe. LemFi Credit offers users a revolving credit line of up to $350, built in partnership with Fintern to extend lending services to immigrants with limited or no credit files.
“With this acquisition, we plan to offer Credit Cards to customers, starting with the UK, and roll out the full suite of LemFi Credit features publicly,” LemFi co-founder and chief executive Ridwan Olalere said.
Image: LemFi
