Company Research Report: Pillar Labs Ltd

Company Overview

• Name of the Company: Pillar Labs Ltd, trading as Pillar

• Mission: To provide immigrants with access to credit products when moving to a new country, enabling them to build and grow their credit with the right tools.

• Founded: Founded by Revolut alumni Ashutosh Bhatt and Adam Lewis

• Key People:

• Ashutosh Bhatt, CEO

• Adam Lewis, CTO

• Headquarters: 11-13 Cowgate, Peterborough PE1 1LZ, England

• Number of Employees: No information is available

• Revenue: No information is available

• Known For: Pillar is known for providing tools to build, monitor, and grow credit in the UK, especially focusing on immigrants and expats who face challenges in transferring their credit history across countries.

Products

Pillar Monitor

• Description: A free service available within the Pillar app to track UK credit scores.

• Key Features:

• Offers monitoring of credit scores.

• Provides tips to unlock better financial opportunities.

Pillar Credit Cards

• Description: A range of credit cards designed to help individuals build credit in the UK.

• Key Features:

• Limits up to £10,000.

• No overseas and ATM fees.

• Targeted at internationals and credit invisibles.

• 34.9% representative APR.

Recent Developments

Funding

• Pillar has raised a pre-seed funding round of £13 million ($16.9 million) led by Global Founders Capital and Backed VC.

Partnerships and Investments

• The investment round included participation from angel investors such as WageStream founders Peter Briffet and Portman Wills, former Airbnb VP and investor Oliver Jung, and several ex-Revolut staff including former CFO Peter O’Higgins and CMO Chad West.

Product Introductions

• The company plans to launch an Open Banking-led data and analytics engine to assist immigrants in accessing credit more smoothly.

Expansion and Strategy

• Pillar aims to utilize the raised capital for further platform development and to lay groundwork for sustainable growth, emphasizing the importance of breaking data silos and credit barriers for immigrants in a new country.

Additional Information

• Regulatory Compliance: Pillar Labs Ltd is authorized and regulated by the Financial Conduct Authority (FCA) under firm reference number 996727.

• Ownership: Pillar Labs Ltd has fully owned subsidiaries including Pillar USA Inc, Pillar Data India Pvt. Ltd, Pillar Aus Pty. Ltd, and Pillar Data EEA Limited.

• Collaborations: Acts as an agent of TrueLayer to provide regulated Account Information Service.

Conclusion

Pillar Labs Ltd is committed to transforming the credit landscape for immigrants in the UK by leveraging open banking and providing innovative credit solutions. The company, backed by substantial funding and notable industry expertise, focuses on breaking down credit entry barriers, facilitating smoother transitions for immigrants to better access financial services in their new homes.