LemFi’s Acquires UK Based Pillar To Help Immigrants with Credit History
- LemFi has acquired UK-based company Pillar to enhance its services for immigrants.
- The partnership aims to collect credit histories from other countries to assess creditworthiness.
- Migrants often face high interest rates and financial exclusion due to lack of credit history in the UK.
The initiative by LemFi and Pillar represents a significant step towards inclusivity in financial services for immigrants. However, the potential legal hurdles and regulatory scrutiny highlight the need for careful navigation of data protection laws. A successful outcome could set a precedent for how international credit histories are utilized in the UK.
