London-based fintech platform LemFi has acquired Pillar, providing a new approach to financial services access for immigrants in the UK.
Prospects of the Pillar Acquisition
LemFi's acquisition of Pillar represents a significant step in the company's growth strategy. Immigrants in the UK face challenges in establishing credit histories and accessing financial services, and this acquisition aims to address those barriers. Reports indicate that 90% of immigrants believe accessing credit has become more difficult.
How LemFi's Credit Cards Will Assist Immigrants
The credit cards developed by LemFi will allow immigrants to import their credit data from their home countries. This will enable access to credit using non-traditional data points for creditworthiness assessment, marking a significant step toward streamlining financial services access for immigrants in the UK.
LemFi's Growth and Its Impact on Financial Services
Since its founding in 2020, LemFi has shown remarkable growth, serving over 1 million active users and assisting migrants in sending money to emerging markets. With the acquisition of Pillar, LemFi will become the first major remittance platform to offer credit as a core product. In 2023, the platform recorded an annual transaction volume of over $2 billion.
The acquisition of Pillar by LemFi opens new horizons for immigrants, providing more accessible and effective financial solutions in the UK.
