African fintech LemFi has acquired UK card issuer Pillar to deepen its presence in cross-border payments and remittances.
Pillar, a UK-licensed electronic money institution regulated by the Financial Conduct Authority, offers virtual and physical card solutions.
The acquisition strengthens LemFi’s regulatory standing and infrastructure in the UK, helping it serve African diaspora communities more effectively.
Founded to ease remittances from developed countries to African nations, LemFi supports users in countries like Nigeria, Ghana, and Kenya.
The company allows Africans in the diaspora to hold, send, and receive money across currencies through a mobile-first platform.
With the Pillar acquisition, LemFi gains direct control over card issuance and wallet infrastructure, reducing reliance on third-party providers.
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This move could also cut down operational costs and improve transaction speed, security, and compliance across supported markets.
LemFi said the acquisition allows it to scale faster while offering more reliable and secure services tailored to African users abroad.
In an industry increasingly focused on licensing and compliance, owning regulated infrastructure gives LemFi a long-term strategic advantage.
Remittance is a multibillion-dollar market in Africa, with Nigeria alone receiving over $20 billion annually through official and informal channels.
Diaspora Africans often face challenges with high fees, poor exchange rates, and delays, which LemFi claims to simplify with transparent tools.
Integrating Pillar’s capabilities enhances LemFi’s reach, enabling expanded access for Africans in the UK and eventually other European markets.
The acquisition is part of a broader wave of consolidation among African fintechs seeking regulatory footholds and product differentiation.
With increased scrutiny on financial services, LemFi’s move to own a licensed UK entity shows a push for credibility and compliance.
The startup continues to compete with other fintechs like Chipper Cash, NALA, and Sendwave in the growing African remittance ecosystem.
LemFi’s acquisition of Pillar is a calculated step toward controlling the end-to-end stack of digital remittances for Africans worldwide.
