Loan provider Stilt said to raise $7.5m in its seed round

Stilt, which helps immigrants and underserved consumers access loans, has reportedly collected $7.5m for its seed round.

The equity infusion was supplied by Hillsven Capital and Streamlined Ventures, according to a report from TechCrunch.

Several angel investors also took part, including Fundbox CEO Eyal Shinar, Next Insurance CEO Guy Goldstein, SK Networks chairman Charles Choi, Y Combinator partners Dalton Caldwell and Kevin Hale and others.

In addition to the close of the seed round, the FinTech has raised $100m in debt capital, which will support loans, from Smart Lenders Asset Management, FourthGreen Capital and more, the article claims.

US-based Stilt provides immigrants, visa-holders and the underserved with access to loans, even if they lack credit history or social security number.

A consumer can apply for a loan without the need of a co-signer and on terms of up to 24 months, with rates starting at 7.99%. The platform also offers a bank account, which has no overdraft or annual fees and offers credit of up to $5,000.

Stilt assesses applicants on their current employment or employability, education, financial behaviour, defaults, bankruptcies, collections and credit scores.

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