LemFi, the Nigerian-founded fintech known for simplifying remittances for African migrants, has made a bold move in remittance expansion.
The company has acquired UK-based Pillar, a credit card issuer, marking a strategic shift beyond just cross-border money transfers.
Through this acquisition, LemFi aims to offer debit cards, in-app credit, and multi-currency wallets to users across Europe and beyond.
This signals a deeper focus on infrastructure and licensing, enabling the startup to build trust while scaling globally with confidence.
Beyond Transfers: LemFi Eyes Broader Financial Services
Historically, LemFi has enabled African migrants to send money home affordably, but competition in the space is rapidly heating up.
Now, the addition of Pillar helps LemFi offer more services to users who lack traditional credit histories in the UK or Europe.
Customers will be able to access embedded credit and spend via branded debit cards, unlocking greater financial inclusion in host countries.
Importantly, the deal allows LemFi to operate more freely across UK and EU markets, bypassing licensing hurdles many face abroad.
A Growing African Fintech Trend
This remittance expansion aligns with a broader shift where African fintechs now acquire regulated entities to boost global compliance and scale.
Other startups like Grey, PalmPay, Kuda, NALA, and Eversend are following similar tracks, each building fintech ecosystems beyond borders.
Grey helps freelancers and nomads open virtual international accounts, while PalmPay plans to expand into Asia and the Middle East soon.
Meanwhile, companies like NALA and Kuda are experimenting with flat-fee remittance models, aiming to drive affordability and transparency.
Capital-Backed Growth and Competitive Edge
LemFi’s growth has been impressive. Founded in 2020, it now serves over two million users globally, processing $1 billion monthly.
In 2023, it raised $33 million in Series A funding, followed by $53 million in Series B in January 2025, fueling expansion efforts.
That capital enables strategic plays like the Pillar acquisition, where deeper infrastructure equals both credibility and broader product offerings.
In crowded markets, standing out now depends on service depth, and this deal gives LemFi an edge in both capability and reach.
Pillar Team Joins LemFi, Credit Tools Take Center Stage
Following the deal, Pillar’s entire team and founders have joined LemFi, helping build the next generation of credit tools for migrants.
Pillar’s focus—offering credit to underserved users in the UK—complements LemFi’s mission of financial access for migrants and minorities.
These services address a real challenge: many migrants lack traditional financial history, limiting access to credit and everyday finance tools.
The acquisition thus fits well into LemFi’s goal of embedding trust, access, and usability into every remittance expansion initiative.
The Future of Remittances: Infrastructure and Scale
Looking ahead, the remittance market appears ripe for consolidation, especially as regulations tighten and consumer expectations shift.
Startups with their own financial rails, licenses, and multi-layered offerings are best positioned to survive and scale sustainably.
LemFi’s acquisition of Pillar shows that winning this race requires more than a sleek app—it demands owning the infrastructure too.
With remittance expansion as the new focus, LemFi is showing how African fintechs can lead globally by building from the ground up.