Lending platform for immigrants Stilt scores Series A

Stilt, a financial services platform for immigrants, has bagged $114m for its Series A round, alongside the general launch of its new product.

Link Ventures acted as the lead investor, with participation also coming from Petrushka Investments, Hillsven Capital, Gokul Rajaram, Stripe COO Claire Hughes Johnson, Checkout.com CTO Ott Kaukver, Superhuman CEO Rahul Vohra, Josh Buckely and others.

Alongside the funding, the FinTech company secured a $100m debt facility.

The FinTech company aims to democratise access to transparent credit products for those typically missed by other services providers, such immigrants, international students, visa holders and more.

Stilt has also announced the general launch of its credit-as-a-service offering Onbo. The platform claims to be the first of its kind to allow any business to build and offer a credit product without needing a bank sponsor in the background.

Onbo manages the complexity of origination, payments and credit reporting for customers and helps businesses get started with debt capital of up to $1m.

The platform has been piloted with several startup customers. 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.

Stilt co-founder and CEO Rohit Mittal said, “Onbo represents a new path forward for neobanks looking to launch a credit product.

“We’ve spent 5 years at Stilt getting state lending licenses, building our credit stack, and refining our risk models. Now we’re opening this entire stack for others to build innovative credit products in just a few short weeks. This is the quickest way we can think of to democratize loans and credit building across the board.”

The FinTech company has raised a total of $375m in equity and debt financing. It previously raised $100m back in January 2021.

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