New UK credit-building fintech Pillar has raised £13 million in a pre-seed round to build a global financial platform that provides access to credit for immigrants.
The tour, led by Global Founders Capital and Backed VC, featured several angels, including WageStream, started by Peter Buffet and Portman Wills, former Revolut chief financial officer Peter O’Higgins, and former AirBnB vice president Oliver Jung.
Led by former Revolut leader Ashutosh Bhatti and technology leader Adam Lewis, the column aims to open up access to UK credit for foreigners and build professional railways to bring democracy around the world.
At this time, consumers won’t be able to transfer their credit files from one country to another, so they won’t be able to access credit and debit cards in their new country.
The first platform of its kind offers open banking and data analytics to offer passengers unprecedented credit products.
Ashutosh Bhatt, CEO of Pillar, said: “We are ready to build a global platform that will destroy data warehouses and credit limits and address the major crisis facing economically secure migrants.”
In the revolution, Bhatt says that organizing credit bureaus internationally was a “Herculean responsibility,” and “they lack the skills to integrate outside every region.”
Because of this, Bhatt says, there is a data gap, which means that people have to restart every time they move to another country. “Our goal is to target consumers based on their global reach, not national and international.”
The first seed investment will support both the renewal of platforms and the construction of infrastructure to support the company’s growth plan.
Bhatt continues: “Soon after the advent of Britain and Europe, we have built buildings in the United States, Africa, and Asia. It’s time to update credit products and credit data from the start, no real information has been available in the region for the past half-century.”