Nigerian remittance startup LemFi acquires UK card issuer pillar to launch credit cards for immigrants
- LemFi has acquired Pillar, a London-based credit card issuer, to integrate remittances and credit services.
- The acquisition allows LemFi to leverage Pillar's FCA license to bypass lengthy regulatory processes.
- LemFi serves around 2 million users and has processed over $1 billion in monthly transactions as of January 2025.
LemFi's acquisition of Pillar is a strategic move that not only enhances its service offerings but also addresses a critical gap in financial access for migrants. This trend of acquiring licensed infrastructure is likely to reshape the fintech landscape, enabling startups to compete more effectively against traditional banks. The focus on migrant communities presents a unique opportunity for growth in an underserved market.
