Stilt Raises $114M in Debt and Equity Funding
Stilt, a financial services startup focused on helping immigrants, raised $14 million in a Series A equity funding round and a $100 credit facility for client loans, according to reports. .
The equity financing was led by Link Ventures with participation from Petrushka Investments, Hillsven Capital, Gokul Rajaram, former Stripe COO Claire Hughes Johnson, Checkout.com CTO Ott Kaukver, Superhuman CEO Rahul Vohra and others .
Based in Silicon Valley, the startup has raised a total of $375 million in equity and debt funding since its launch in 2015. The company was founded by Priyank Singh and CEO Rohit Mittal when they were immigrants with visas. Backed by Y Combinator, Stilt has provided loans to people in over 150 countries around the world.
The mission-driven company aims to democratize access to transparent credit products for the millions of people excluded by the financial system – immigrants, international students, Deferred Action for Childhood Arrivals (DACA) and visa holders .
Related: Stilt raises $100 million to fund immigrant loans
The company will use the new capital to expand its workforce, accelerate new product development and add the latest features to existing products.
Onbo, a credit-as-a-service offering that allows any business to create and offer a credit product without the need for a bank sponsor, was launched by the company earlier this month. The tool funds user accounts and deducts payments while updating refunds in real time. An integrated loan management system offers built-in accounting tools, but also works seamlessly with third-party accounting tools.
“We spent 5 years at Stilt obtaining state loan licenses, building our credit stack and refining our risk models. Now we are opening up this entire stack to others to create innovative credit products … This is the fastest way we can think of to democratize lending and credit building at all levels,” Mittal said in a press release earlier this month.