Pillar set to create credit facility for new UK entrant

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A London-based fintech startup, Pillar, has announced closing a £13M pre-seed funding.

According to Ripples Nigeria, the Co-founder, Ashutosh Bhatt, confirmed the development in a statement on Monday.

According to the statement, the funding comes as the startup seeks to give immigrants access to credit when moving to a new country.

Co-led by Global Founders Capital and Backed VC, other angel investors who participated in the round include Wagestream co-founders: Peter Briffet and Portman Wills.

It was gathered that London-based startup was founded to serve the needs of migrants who, despite having plenty of cash, are unable to secure credit services like loans and credit cards due to the difficulty of taking a credit file to another country.

Speaking on the mission of the startup, Bhatt said:

“Through Pillar, anyone moving to the UK from another country can have a credit card 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.”