Stilt raises $114 million in equity and debt
pilingsa San Francisco, Calif.-based immigrant financial services provider raised $114 million in equity and debt.
The $10 million 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 secured a new $100 million credit facility to lend to its lending customers, bringing its total raised to $375 million in equity and debt financing.
The company intends to use the funds to grow its operations, products and team.
Led by CEO Rohit Mittal, Stilt is a mission-driven company developing technology to democratize access to transparent credit products for the millions of people currently excluded by the financial system, such as immigrants, students international, DACA and visa holders.
Additionally, Stilt announced the general launch of Onbo, a credit-as-a-service offering that allows any business to create and offer a credit product, without the need for a back-end banking sponsor. Onbo leverages state loan licenses and Stilt’s compliance framework so companies can focus on developing their own product. Onbo handles all the complexity of origination, payments, and credit reporting for clients and also helps businesses get started with loan capital of up to $1 million.
Onbo funds user accounts, deducts payments, and updates each refund 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 don’t have to modify their existing systems to benefit.