Affinitech (t / a Pillar) Secures £ 13m Pre-Seed Investment Led by Global Founders Capital and Backed VC – UK Technology Investment News

● UK fintech, Pillar raised £ 13m preliminary round to help build a new credit platform
which provides access to credit for immigrants globally
● Immigrants cannot transfer their credit profile from one country to another by fueling the finances
exclusion and cannot access everyday products
● Pillar is led by former Revolut executive Ashutosh Bhatt
● The £ 13 million round is led by leading VC funds, Global Founders Capital and Backed VC
● The technology-based platform aims to break down the boundaries of credit data globally, to open up
access to credit for immigrants and build technical tracks to democratize global credit
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LONDON, APRIL 21, 8:00 am: Fintech startup Pillar today announces its pre-seed round of £ 13 million
led by leading VC firms Global Founders Capital and Backed VC. The company, that is
the development of a new global financial platform will provide immigrants with access to credit products when they move to a new country. With the current structure of the reference credit market, a consumer cannot transfer their credit file from one country to another. As such, almost all immigrants
they find themselves excluded from everyday products such as credit cards and loans. Those who do
they are able to access a product and find themselves paying a disproportionately higher cost
borrow.
Founded by well-known former Revolut Ashutosh Bhatt and expert fintech CTO, Adam
Lewis, Pillar’s technology will provide people moving to new countries with access to aa
variety of credit products in their new locations, which previously would have been out of reach. In
the heart of the product is Pillar’s proprietary data and analysis engine based on Open Banking
it will fuel the global scalability of the platform. The team has confirmed an expected launch date for the third quarter
in 2022.

Ashutosh Bhatt, CEO of Pillar, commented “Since I moved to the UK and found I could not
access any of the everyday products I had in India this was a problem I had
passionate about resolution. I came in earning a good salary at Barclays and found I couldn’t even
get an iPhone! Fourteen years later, and the world of credit hasn’t changed yet, so we decided
on creating a globally scalable platform that also breaks down data silos and credit boundaries
as it solves this huge problem faced by financially secure people moving to a new country. “
“In my previous role at Revolut, it was a daunting task to coordinate the credit bureaus
countries simply don’t have the technology to unite outside of each region. As a result, there is a data disparity which means that people have to start over every time they move to another country. Our intention is to look at consumers based on their credit footprint globally, not country by country. “
“Through Pillar, anyone moving to the UK from another country can have a credit card in their own
pocket before boarding the flight and immediately step on the credit ladder. Furthermore, we are not
Stopping with this use case, we want to leverage this service and experience globally

markets around the world. The UK and Europe are just the beginning, we are building
infrastructure in the United States, Africa and Asia. The time has come for credit products as well as credit data systems to be retrained from scratch, there has been no real innovation in the last semester
century in this space “.

The initial capital will be allocated to the development of the platform and the construction of the operational infrastructure to support the company’s growth plans. Pillar has already assembled a core team of some of the finest talent in the fintech market with significant experience in areas such as Open
Banks, neo-banking, lending and technology.
A number of high-profile angels contributed to the rise, including the founders of
WageStream, Peter Briffet and Portman Wills, as well as the powerful investor and former vice president
and AirBnB investor Oliver Jung.
Many of Ash’s former colleagues from Revolut also participated in the relaunch, including
former CFO, Peter O’Higgins, marketing guru and former CMO of Revolut Chad West, expansion
expert Neil Shah and collection leader Hardev Tumber. “I am very lucky to have Revolut
friends and fantastic operators as quarterbacks in our team “

Gerald Parloiu, Partner of Global Founders Capital, commented: “We are extremely excited
this investment. Pillar is a truly differentiated offering that solves a major market problem using disruptive technologies. We are delighted to collaborate with the Pillar team ”.

Andre de Haes, founder of Backed VC, said: “One of the big problems consumers face when
moving to a new country is like accessing the financial products they need. The team a
Pillar has come up with a truly innovative solution to address those consumers’ problems
face and we look forward to witnessing the growth of the team in the future. “

END
About Pillar
Pillar is a new fintech startup that is building a platform to help people around the world build them
global credit score, break down credit boundaries and unlock access to financial services around the world
world. Based in London, UK, Pillar will launch its globally scalable platform in 2022.
Contacts and more information
Founder and CEO Ashutosh Bhatt – [email protected]
WhatsApp +447780831818
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Affinitech (t / a Pillar) Secures £ 13m Pre-Seed Investment Led by Global Founders Capital and Backed VC – UK Technology Investment News

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