UK-headquartered remittance platform LemFi has announced the acquisition of London-based credit card startup Pillar in a deal aimed at expanding its financial services for migrant communities. The acquisition was finalized in May 2025 and reflects LemFi’s ambitions to evolve into a full-service financial provider beyond cross-border money transfers. By incorporating credit products into its offering, LemFi is setting the stage for a more comprehensive financial experience designed to the needs of underserved migrant populations.
A Platform for Migrant Financial Empowerment
The acquisition brings together LemFi’s cross-border remittance capabilities with Pillar’s credit infrastructure and regulatory licenses, offering users a unified experience in payments and credit access. With a customer base of over two million and more than $1 billion in monthly transaction volume reported in January 2025, LemFi is now well-positioned to provide credit services directly through its app. Pillar’s UK Financial Conduct Authority (FCA) license is a key enabler, allowing LemFi to sidestep the often-prolonged regulatory approval process and quickly introduce credit card services.
Strengthening Market Position Amid Competition
LemFi’s move comes at a time of growing competition in the remittance and cross-border financial services sector. Its rival Nala is also expanding aggressively, building its own payment infrastructure, launching a B2B offering named Rafiki, and entering new international markets including Asia and Latin America. By acquiring Pillar, LemFi not only enhances its product range but also differentiates itself with a more vertically integrated financial solution for migrants in key corridors such as the UK, Canada, and Europe.
Pillar’s Migrant-Centric Credit Mission
Founded in 2021 by alumni of Revolut and Barclays, Pillar has focused on addressing the credit access gap for migrants—individuals who often face significant barriers due to limited local credit histories. The company raised $16.9 million in 2022 and has since issued approximately 20,000 credit cards to users, primarily from India and Nigeria. With the acquisition, Pillar’s leadership team will be folded into LemFi, bringing both domain expertise and operational continuity to the new product vertical.
Integrating Credit with Remittance Services
This integration signals a fundamental shift in LemFi’s roadmap—from a remittance-first service to a broader financial platform designed to meet migrants’ everyday needs. By embedding credit capabilities into its core offering, LemFi can support users not just with money transfers but with access to capital, which remains a persistent challenge for many migrants in their new host countries. The synergy between Pillar’s credit products and LemFi’s established remittance network represents a unique opportunity to deliver impactful financial tools at scale.
Looking Ahead to Global Financial Inclusion
With this acquisition, LemFi joins a small but growing number of fintechs focusing on the intersection of migration and financial inclusion. The ability to offer seamless cross-border remittances, digital banking, and credit under a single app could significantly improve financial access and economic mobility for migrants. As LemFi integrates Pillar’s technology and regulatory framework, the company appears poised to redefine financial access for millions of migrants globally, beginning with its core markets in the UK, Europe, and Canada.
LemFi’s acquisition of Pillar marks a strategic inflection point in the company’s evolution, laying the foundation for a full-stack fintech solution tailored to migrant communities. With enhanced regulatory capabilities, credit offerings, and a growing user base, LemFi is positioning itself as a critical financial ally for migrants navigating life across borders. As global migration continues to rise, LemFi’s model could become a blueprint for inclusive, cross-border financial services.