Stilt, a San Francisco, CA-based provider of financial services for immigrants, raised $114M in Equity and Debt funding.
The $10m round was led by Link Ventures, with participation from Petrushka Investments, Hillsven Capital, Gokul Rajaram, Claire Hughes Johnson, Ott Kaukver, Rahul Vohra, and Josh Buckely.
Stilt also has closed on a new $100m debt facility for lending to its loan customers, bringing its total raised to $375m in equity and debt financing.
The company intends to use the funds to expand operations, product and team.
Led by CEO Rohit Mittal, Stilt is a mission-driven company building technology to democratize access to transparent credit products for the millions who are currently shut out by the financial system, such as immigrants, international students, DACA and visa holders.
Additionally, Stilt announced the general launch of Onbo, a credit as-a-service offering that allows any business to build and offer a credit product, without needing a bank sponsor in the background. Onbo leverages Stilt’s state lending licenses and compliance framework so companies can focus on developing their own product. Onbo manages all the complexity of origination, payments, and credit reporting for customers and also helps businesses get started with debt capital of up to $1M.
Onbo funds user accounts, deducts payments and updates every reimbursement in real time. It also includes a loan management system with built-in accounting tools, but also works seamlessly with third-party accounting tools so businesses do not have to change their existing systems to benefit.
FinSMEs
11/03/2022