Immigrants to a new nation are frequently wealthy. They have no credit history in their new nation, which is an issue. Furthermore, a consumer’s credit file cannot be transferred from one nation to another. Credit bureaus are also seldom coordinated or linked across national borders. As a result, individuals who can obtain credit face a disproportionately greater cost of borrowing. Every time an immigrant moves to a new nation, they must start again. Capone, Vanquis, and NewDay have all stated that they would concentrate on this, but the problem remains difficult to fix. Yonder (funded £25.9 million), Keebo (raised $6.9 million), and Tymit ($21.5 million) are several fintech businesses aiming to address the issue.
Fintech firm Pillar has joined this list, having secured £13 million ($16.9 million) in a pre-seed round led by Global Founders Capital and Backed VC. When immigrants move to a new nation, the corporation believes it will be able to supply them with credit products. Pillar, founded by Revolut graduates Ashutosh Bhatt and CTO Adam Lewis, will debut an Open Banking-driven data and analytics engine in Q3 2022.
Ashutosh Bhatt, CEO of Pillar, stated in a statement: This has been an issue I’ve been enthusiastic about tackling when I got to the UK and discovered I couldn’t get any of the everyday things I had in India. I came to Barclays with a fantastic income and discovered I couldn’t even acquire an iPhone! Angel investors included Peter Briffet and Portman Wills, the creators of WageStream, as well as Oliver Jung, a former VP and investor in Airbnb.
Former Revolut employees including Peter O’Higgins, ex-CMO Chad West, Neil Shah, and Hardev Tumber also attended. “We are tremendously delighted about this investment,” said Gerald Parloiu, a partner at Global Founders Capital. Pillar is a very unique service that uses disruptive technology to solve a major business problem.”
Access is possible without a credit score. Even if you don’t have a credit score, we can assist you to acquire credit by knowing your financial history. Simply connect your accounts. You’re more likely to acquire a Keebo credit card if you link many accounts. Increase your credit limit, Building credit may be time-consuming and perplexing. With Keebo Grow, our in-app credit builder, you can achieve your objectives faster and smarter while also benefiting from enhanced credit limits from us.