LemFi Acquires Pillar, a UK-based Credit Card Issuer

LemFi, a Nigerian-founded fintech company known for its remittance services to African migrants, has acquired Pillar, a UK-based credit card issuer. This move marks a significant step for LemFi as it expands its services beyond just sending money across borders to now offering debit cards, multi-currency wallets, and in-app credit options for users who lack UK credit histories.

The acquisition of Pillar, a UK-based credit card issuer, strengthens LemFi’s product offerings and allows the company to operate more freely in the UK and European markets. Pillar’s founders and employees have joined LemFi, helping the company build on its progress and expand its reach. Pillar has issued about 20,000 cards mostly to migrants from India and Nigeria since last year and aims to reach more of the roughly one million people who move to the UK annually.

LemFi acquires Pillar at a time when many immigrants face challenges accessing credit and financial services in new countries. Many immigrants arrive without a UK credit history, making it difficult to get credit cards or loans. LemFi plans to use Pillar’s technology to recognize international credit histories, allowing immigrants to “import” their credit standing from their home countries. This technology also uses alternative data points to assess creditworthiness and offers graduated credit building products that grow with the customer.

Founded in 2020, LemFi has grown quickly, now serving over two million users globally and processing more than $1 billion in transactions each month. The company raised $33 million in 2023 and $53 million in early 2025, giving it the capital to pursue acquisitions like this one. LemFi’s CEO, Ridwan Olalere, said the acquisition will help them offer credit cards starting in the UK and eventually roll out a full suite of credit products to immigrants worldwide.

This acquisition reflects a broader trend among African fintech companies to secure global licenses and infrastructure to scale their services and build trust. Other startups like Grey, PalmPay, NALA, Kuda, and Eversend are also expanding their remittance and neobanking services internationally. As competition grows, having a licensed credit card issuer like Pillar gives LemFi an edge in offering a wider range of financial products, especially to migrants who often struggle with access to traditional credit systems.

LemFi’s acquisition of Pillar shows the company’s commitment to reshaping how immigrants manage money globally. By combining remittance services with credit offerings, LemFi aims to provide a full financial service stack tailored to immigrant communities. This will help millions of migrants who are often “credit invisible” in their new countries, giving them access to fair and fast financial tools they need to live and thrive.

LemFi acquires Pillar, a UK-based credit card issuer, to expand its services beyond remittances into credit and banking products for immigrants. This strategic move strengthens LemFi’s position in the UK and Europe and supports its mission to empower immigrant communities with better financial access and inclusion.

Was this information useful? Drop a nice comment below. You can also check out other useful contents by following us on X/Twitter @siliconafritech, Instagram @Siliconafricatech, or Facebook @SiliconAfrica.