LemFi, a London-based fintech transforming international payments for immigrants, has announced its acquisition of Pillar, a UK credit fintech, marking a bold step into credit card services tailored specifically for immigrants in the UK. With a global customer base exceeding 2 million and a vision to remove financial barriers for migrants, LemFi is set to redefine access to credit for newcomers in the UK and beyond.
Founded in 2021 by Ridwan Olalere and Rian Cochran, LemFi (formerly Lemonade Finance) was born out of the founders’ personal experiences as immigrants and their professional expertise in fintech and global payments. Olalere, who previously led product and operations at OPay and served as Uber’s Country Manager in Nigeria, teamed up with Cochran, a finance leader with a background at Opera and OPay, to address the unique financial challenges faced by migrants.
Their mission, to build a full-stack financial services hub for immigrants, offering multi-currency accounts, instant international transfers, and now, credit products designed for those often excluded by traditional banks.
LemFi’s rapid ascent is backed by significant investor confidence:
2021: Raised $725,000 in pre-seed funding.
2023: Secured $33 million in Series A funding led by Left Lane Capital, with participation from Y Combinator and others.
2025: Closed a $53 million Series B round led by Highland Europe, bringing total funding to over $86 million.
This capital has enabled LemFi to scale its services across the UK, US, Canada, and Europe, processing over $1 billion in monthly transaction volume and serving more than 2 million users globally.
The Strategic Acquisition of Pillar
Pillar, founded by Ashutosh Bhatt and Adam Lewis (both Revolut alumni), developed technology to help immigrants access credit products upon arrival in new countries. In 2022, Pillar raised £13 million ($16.9 million) in pre-seed funding and built a platform leveraging Open Banking data for alternative credit assessment.
With this acquisition, LemFi will integrate Pillar’s technology, making it the first major remittance platform to offer credit as a core product. Pillar’s co-founders and team will join LemFi, accelerating the rollout of credit cards for immigrants in the UK.
Why Credit Cards for Immigrants Matter
Immigrants in the UK face significant hurdles:
Lack of UK credit history
Limited recognition of credit from their home countries
Documentation challenges
Language and information barriers
Nearly 5 million people in the UK are “credit invisible,” and 13% of migrants are excluded from mainstream banking, compared to just 3% of the general population. LemFi’s new credit cards will:
Recognize international credit histories
Use alternative data for credit assessment
Offer graduated credit-building products
Integrate with LemFi’s remittance and multi-currency services.
On the acquisition, Ridwan Olalere shared:
>“We have long stated our vision of building a full-stack financial service for immigrants everywhere. Credit marks the next frontier for us in this journey. Rian and I are particularly pleased that Adam and Ash have agreed to join us in building it. Through LemFi Credit, we already provide our existing customers with the ability to grow their credit right within the LemFi app. With this acquisition, we plan to offer Credit Cards to customers, starting with the United Kingdom.”
On LemFi’s broader mission, Ridwan often emphasizes on his LinkedIn:
>“Building the financial services hub for immigrants globally.”
Rian Cochran, whose background spans global fintech and finance leadership, echoes the company’s commitment to financial inclusion for immigrants, stating on his LinkedIn:
>“Built for the African Diaspora.”
Reflecting on his own journey, Ashutosh Bhatt said:
>“Despite earning a good salary at Barclays, I couldn’t access even the everyday products I’d had in India. I couldn’t get an iPhone, let alone a credit card. There have been slight improvements, but we still can’t offer equitable access to bank accounts or credit cards to someone from another country. I’m excited for the impact we will have together with LemFi to increase reach by 10X and build truly global access to credit.”
What’s Next for LemFi and Immigrant Financial Services
The launch of LemFi’s immigrant-focused credit cards will begin in the UK, with plans to expand globally. Within six weeks of launching LemFi Credit in private beta, over 8,000 users signed up, and the service is growing at 18% week-on-week. Customers can access virtual cards with credit limits based on their profile, usable online and via Apple Pay or Google Pay.
As LemFi continues to innovate, the company invites its customers and partners to “grow with us as we build on our existing financial service offerings to scale LemFi into a fintech giant”.
LemFi’s acquisition of Pillar is more than a business deal, it’s a transformative moment for millions of immigrants seeking fair access to financial services. By combining cutting-edge technology, deep empathy for migrant experiences, and a proven track record of execution, LemFi is poised to become the financial backbone for the world’s mobile, ambitious, and underserved populations.