Sources: 
LemFi, a remittance provider founded by Nigerian immigrant Ridwan Olalere, has acquired UK-based credit card issuer Pillar to launch a new credit card product aimed at immigrants in the UK.
The acquisition, completed in May, allows LemFi to integrate credit services within its app, addressing a significant gap for migrants who often lack a UK credit history. Olalere explained,
"We want to open up credit access to migrants who have not been in the UK long enough to have a credit score."This move comes amid a booming global remittance market, with flows to low- and middle-income countries reaching
$685 billion last year, according to the World Bank. LemFi’s strategy leverages this momentum to provide tailored financial services to migrant communities across the UK, Canada, and Europe.
Co-founder Bhatt highlighted their personal immigrant experiences as a key driver:
"Our shared challenges as immigrants—particularly the difficulty of accessing loans and savings products—and in local financial services make us better equipped to offer digital financial tools to migrants."By combining remittance services with credit offerings, LemFi aims to empower migrants financially, helping them build credit histories and access essential financial products often unavailable to newcomers. This innovative approach could reshape how immigrant communities engage with financial systems in the UK and beyond.
The partnership underscores a growing trend of fintech startups focusing on underserved migrant populations, addressing systemic barriers through technology and culturally informed solutions.
Sources: LemFi, a Nigeria-born remittance provider, has acquired UK credit card issuer Pillar to launch a new credit card targeting immigrants. Founders Ridwan Olalere and Bhatt leverage their immigrant experiences to address migrants' financial access challenges amid a $685 billion global remittance boom, aiming to expand credit access in the UK.
