LemFi, a Nigerian-founded fintech offering remittance services to African migrants, has acquired Pillar, a UK-based credit card issuer.
The deal strengthens LemFi’s product suite, allowing it to go beyond cross-border transfers to offer debit cards, multi-currency wallets, and in-app credit to users lacking UK credit histories.
It also reflects a growing trend among African fintechs to secure global licensing infrastructure as a pathway to scale and trust. With this acquisition, LemFi can now operate more freely across the UK and European markets. As part of the deal, Pillar’s founders and employees have joined LemFi as the company aims to build upon its progress.
LemFi’s growth has been rapid. Founded in 2020, the company now serves over two million users globally and processes over $1 billion in monthly transaction volume. It raised $33 million in a Series A round in 2023, followed by a $53 million Series B in January 2025, giving it the capital base to pursue international acquisitions like this.
This strategic expansion comes as competition among African-focused remittance platforms intensifies. Other startups like Grey, PalmPay, NALA, Kuda, and Eversend are building out their own global remittance and neobanking ecosystems.
Grey, also founded in Nigeria, has focused on providing digital nomads and freelancers with virtual bank accounts and FX solutions across Africa, Latin America, and Southeast Asia. PalmPay, which began in Nigeria, is planning to enter the Middle East and Asia later this year, targeting broader cross-border payment flows.
Tanzanian-founded NALA and Nigeria’s Kuda are also doubling down on remittance offerings, experimenting with flat-fee pricing and subscription models.
As these companies scale, differentiation is becoming more about the depth and diversity of offerings. Licensing plays like LemFi’s acquisition of Pillar are increasingly important, offering credibility and a wider scope for services such as lending, foreign exchange, and embedded finance. In a market where most migrants struggle with access to traditional credit systems, products like Pillar may offer a valuable edge.
Looking forward, the remittance landscape appears headed for consolidation. As transaction volumes grow and regulations tighten, startups with cross-border infrastructure, regulatory clearance, and layered offerings are best positioned to lead. LemFi’s move signals that for African fintechs, owning the financial rails may now matter as much as serving the end user.
