Stilt, which provides financial services to immigrants in the US, has raised a $100m warehouse facility from Silicon Valley Bank.
It will use the money to lend to its customers, according to TechCrunch.
With its latest raise, Stilt’s total debt facilities has now reached $225m, enabling it to reach $350m in annualised loan volume.
It recently raised $7.5m in seed capital from Hillsven Capital and Streamlined Ventures as well as angel investors such as Fundbox CEO Eyal Shinar, Next Insurance CEO Guy Goldstein, SK Networks chairman Charles Choi, Y Combinator partners Dalton Caldwell and Kevin Hale and others.
Speaking with TechCrunch, co-founder and Y Combinator alumni Rohit Mittal said that he believed that immigrants are more creditworthy than what people may think as they have not only jumped through many hoops to get into the country, but that many have moved to the US to pursue careers and education.
“They tend to be the best risk-adjusted return customers,” Mittal said. “These are people who are going to school, they are working, they have seen their families work, they are helping their parents, they are doing all these things, and they understand the value of money, so they end up being a lot more financially responsible.”
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