Tech

Fintech Pillar raises £ 13m to provide credit services to immigrants

London-based fintech startup column has raised £ 13m in pre-seed funding for its platform which gives immigrants access to credit when moving to a new country.

The funding round was led by Global Founders Capital and Backed VC. Angel investors for the round include Wagestream co-founders Peter Briffet and Portman Wills.

Column was set up to meet the needs of migrants who, despite having sufficient funds, are unable to obtain credit services such as loans and credit cards due to the difficulty of bringing a credit file to another country.

Co-founded in 2021 by former Revolut lending leader Ashutosh Bhatt, Pillar provides those moving internationally with access to credit products using open banking data and analytics.

It was his own experience as an immigrant that inspired Bhatt to embrace Pilar, along with the company CTO Adam Lewis.

“Since I moved to the UK and found that I could not access any of my daily products in India, this was a problem that I was passionate about solving,” Bhatt said. “I came earning a good salary to Barclays and found out I couldn’t even get an iPhone!”

Bhatt noted, years later, that the problem remains unchanged, “so we have begun to build a global scalable platform that breaks data silos and credit limits and solves this huge problem facing secure individuals. financially moving to a new country. ” .

Bhatt added: “Through Pillar, anyone who moves to the UK from another country can have a credit card in their pocket before boarding their flight and immediately getting on the credit ladder. In addition, we do not stop this use case, we want to bring this service and global experience to credit markets around the world. ”

A number of recently established start-ups are trying to solve the problem of providing credit products to those who are ‘credit invisible’, including the recent Yonder. £ 20m raised in seed financing.



Fintech Pillar raises £ 13m to provide credit services to immigrants

Source link Fintech Pillar raises £ 13m to provide credit services to immigrants

Back to top button