# UK Fintech startup Pillar raises £13m pre-seed to solve credit access problem for immigrants Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-04-22 Category: FINANCE Category URL: https://financedigest.com/category/finance Meta Title: Pillar Raises £13m to Revolutionise Global Credit Access Meta Description: Discover how Pillar is breaking down credit borders, offering access to credit for immigrants globally, led by former Revolut execs. Launching in Q3 2022. URL: https://financedigest.com/uk-fintech-startup-pillar-raises-13m-pre-seed-to-solve-credit-access-problem-for-immigrantshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/istock-1319766088-1736815848880-compressed.jpg) - UK fintech, Pillar has raised a pre-seed round of £13m to help build a new credit platform which provides access to credit for immigrants globally - Immigrants cannot take their credit profile from one country to another fuelling financial exclusion and are unable to access everyday products - Pillar is led by former Revolut executive Ashutosh Bhatt - The £13m round is led by leading VC funds,  Global [Founders Capital](https://www.financedigest.com/lear-capital-founder-and-chairman-kevin-demeritt-on-inflation-now-and-then.html "Lear Capital Founder and Chairman Kevin DeMeritt on Inflation: Now and Then") and Backed VC - The technology-based platform [aims to break down credit data borders globally](https://www.financedigest.com/u-n-summit-aims-for-global-pact-to-protect-nature.html "U.N. summit aims for global pact to protect nature"), open up access to credit for immigrants, and build technical rails to democratise global credit underwriting. **LONDON, APRIL, 21st, 8AM:** [Fintech startup Pillar today announces its pre-seed round of £13m led by leading](https://www.financedigest.com/2022-the-year-that-facial-recognition-will-lead-the-fintech-industry.html "2022 – The year that facial recognition will lead the fintech industry") VC firms Global Founders Capital and Backed VC. The company, which is [developing a new global financial](https://www.financedigest.com/financial-services-technology-development-in-2023.html "Financial Services technology development in 2023") platform, will provide immigrants with access to credit products when moving to a new country.  With the current structure of the [credit referencing market](https://www.financedigest.com/fico-and-efl-partner-to-extend-access-to-credit-for-unscoreable-consumers-and-entrepreneurs-in-multiple-markets.html "FICO and EFL Partner to Extend Access to Credit for “Unscoreable” Consumers and Entrepreneurs in Multiple Markets"), a consumer cannot take their credit file from one country to another. As such, nearly all immigrants find themselves excluded from everyday products such as [credit cards and loans](https://www.financedigest.com/4-ways-to-get-a-bad-credit-loan.html "4 Ways to Get a Bad Credit Loan"). Those that do [manage to access a product find themselves paying](https://www.financedigest.com/with-the-right-active-manager-you-really-do-get-what-you-pay-for.html "With the Right Active Manager, You Really Do Get What You Pay For") a disproportionately higher cost of borrowing. Founded by well-known [Revolut alumni Ashutosh Bhatt and experienced fintech](https://www.financedigest.com/the-fintech-revolution-trends-to-watch-in-2016.html "The Fintech Revolution: Trends to Watch in 2016") CTO, Adam Lewis, Pillar’s technology will provide individuals moving to new countries with access to a variety of credit products in their new locations, that would have previously been unattainable. At the heart of the product is Pillar’s proprietary Open Banking-led data and [analytics engine that will power the global scalability of the platform](https://www.financedigest.com/lending-stream-builds-leading-edge-credit-platform-with-fico-analytic-software.html "Lending Stream Builds Leading-Edge Credit Platform with FICO Analytic Software"). The [team confirmed a launch](https://www.financedigest.com/carta-teams-up-with-vauban-to-launch-the-first-digital-solution-aimed-at-venture-capital-investors-creating-luxembourg-based-funds.html "Carta teams up with Vauban to launch the first digital solution aimed at venture capital investors creating Luxembourg-based funds") date planned for Q3 in 2022. Ashutosh Bhatt, CEO of Pillar, commented “We are delighted to [announce the news of our pre-seed capital](https://www.financedigest.com/capital-one-announces-finalists-for-start-up-accelerator.html "CAPITAL ONE ANNOUNCES FINALISTS FOR START UP ACCELERATOR") raise. All of our investors share our vision of [improving migrants’ experience when trying to access financial](https://www.financedigest.com/5-ways-to-improve-your-financial-literacy.html "5 Ways to Improve Your Financial Literacy") products in their new home country.” “Ever since I moved to the UK and found I couldn’t [access any of the everyday products I had in India](https://www.financedigest.com/india-resists-calls-for-more-air-access-in-drive-to-be-global-aviation-force.html "India resists calls for more air access in drive to be global aviation force") this has been a problem I have been passionate about solving. I arrived [earning a good salary](https://www.financedigest.com/billionaires-salary-how-long-does-it-take-for-them-to-earn-your-wage.html "‘Billionaires Salary: How long does it take for them to earn your wage?’") at Barclays and found I couldn’t even get an iPhone! Fourteen years later, and the world of credit still hasn’t changed, so we have set upon building a globally scalable platform that breaks down data silos and credit borders as well as solves this massive problem faced by [financially secure](https://www.financedigest.com/5-steps-to-strengthening-your-online-financial-security.html "5 Steps to Strengthening Your Online Financial Security") people moving to a new country.” “At my previous role at Revolut, it was a herculean task to get credit bureaus coordinated across countries , they just [don’t have the tech](https://www.financedigest.com/you-dont-need-magic-to-anticipate-your-customers-needs-just-the-right-tech.html "You don’t need magic to anticipate your customers’ needs, just the right tech") to be joined up outside of each region. As a result a data disparity exists that means people have to start again every [time they move](https://www.financedigest.com/30-years-of-excel-lence-time-to-move-on.html "30 YEARS OF EXCEL-LENCE: TIME TO MOVE ON?") to another country. Our intention is to look at [consumers based on their credit footprint globally](https://www.financedigest.com/top-5-players-to-account-for-45-of-global-consumer-appliance-coatings-market-share-through-2031.html "Top 5 Players to Account for 45% of Global Consumer Appliance Coatings Market Share Through 2031"), not on a country by country basis.” “Through Pillar, anyone moving to the UK from another country can have a credit [card](https://www.financedigest.com/uk-credit-card-borrowing-rises-by-most-since-2005-boe.html "UK credit card borrowing rises by most since 2005 – BoE") in their pocket before they board their flight and instantly get on the credit ladder. Plus, we aren’t stopping with this use-case, we want to take this service and experience [globally to credit markets around the world](https://www.financedigest.com/world-bank-warns-global-economy-could-easily-tip-into-recession-in-2023.html "World Bank warns global economy could easily tip into recession in 2023"). The UK and Europe are just the beginning, we are building out infrastructure in the US, Africa and Asia. It is about time that credit products as well as credit [data systems](https://www.financedigest.com/interoperability-of-data-to-accelerate-the-whole-slide-imaging-systems-market.html "Interoperability of data to accelerate the Whole Slide Imaging Systems Market") are redeveloped from scratch, there has been no real innovation in the past half a century in this space.” The initial capital will be put towards development of the platform and [building out the operational infrastructure to support the firm’s](https://www.financedigest.com/stellantis-to-build-u-s-firm-archers-air-taxi-up-stake.html "Stellantis to build U.S. firm Archer’s air taxi, up stake") growth plans. Pillar has already assembled a core team of some of the best talent in the [fintech market with significant experience in areas such as Open Banking](https://www.financedigest.com/fintech-v-the-banks-uneasy-bedfellows-or-a-match-made-in-heaven.html "FinTech v the Banks: Uneasy Bedfellows or a Match Made in Heaven?"), neo-banking, lending and technology. A number of high profile angels have contributed to the raise including the founders of WageStream, [Peter Briffet and Portman Wills as well as the powerhouse investor and former](https://www.financedigest.com/peter-warrack-former-director-of-aml-fintech-advisory-and-compliance-officer-at-the-bank-of-montreal-joins-bitfinex-as-chief-compliance-officer-cco.html "Peter Warrack, Former Director of AML (Fintech Advisory) and Compliance Officer at the Bank of Montreal, joins Bitfinex as Chief Compliance Officer (CCO)") VP and investor of AirBnB Oliver Jung. Many of Ash’s former colleagues from Revolut have also participated in the [raise including former CFO](https://www.financedigest.com/centrica-names-obrien-as-new-cfo-raises-earnings-forecast.html "Centrica names O’Brien as new CFO, raises earnings forecast"), Peter O’Higgins, marketing guru and ex-CMO of Revolut Chad West, expansion expert Neil Shah and collections leader Hardev Tumber. “I am very fortunate to have Revolut friends and awesome operators as quarterbacks in our team” Gerald Parloiu, [Partner at Global](https://www.financedigest.com/route-genie-partners-withnorsk-global-to-provide-retailers-with-increased-international-carriage-choice.html "Route Genie Partners WithNorsk Global To Provide Retailers With Increased International Carriage Choice") Founders Capital, commented “We are hugely excited about this investment _._Pillar is a genuinely differentiated [offering solving a big](https://www.financedigest.com/big-fall-in-euro-zone-inflation-offers-little-help-for-ecb.html "Big fall in euro zone inflation offers little help for ECB") problem in the market using disruptive technologies. We are delighted to be [partnered with the team](https://www.financedigest.com/deloitte-strengthens-leadership-team-in-scotland-with-key-partner-promotions.html "Deloitte strengthens leadership team in Scotland with key partner promotions") at Pillar.” Andre de Haes, Founder of Backed VC, said “One of the big problems consumers face when moving to a new country is how to [access the financial products that they need](https://www.financedigest.com/55-of-uk-smes-unable-to-access-all-funding-needed-to-grow.html "55% of UK SMEs unable to access all funding needed to grow"). The team at Pillar has come up with a genuinely innovative solution to [address the issues those consumers face and we look forward to assisting the team’s growth](https://www.financedigest.com/addressing-the-credit-gap-to-unlock-economic-growth-in-africa.html "Addressing the credit gap to unlock economic growth in Africa") going forward.” **This is a Sponsored Feature.** --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---