LemFi, an Oakland-based immigrant financial services platform, has announced its acquisition of UK fintech Pillar to improve credit access for immigrants. This move follows LemFi's successful $53 million fundraising. Pillar uses advanced data and analytics driven by Open Banking to help users obtain credit products that were previously unavailable. LemFi has also launched LemFi Credit, integrating credit services with remittances, quickly gaining thousands of users and demonstrating significant growth potential in breaking down financial barriers for immigrants.
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.
LemFi Credit quickly gained over 8,000 users in just six weeks of its private beta, with an 18 percent growth each week, claims the company.
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