Stilt raises $114M in equity and debt funding

stilt

Stilt, the company which is based in San Francisco, CA, provides financial services to immigrants. They raised $114M 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 plans on using the funds to grow its product, team and operations.

Stilt, led by Rohit Mittal, is a mission-driven technology company that democratizes credit products access for millions of people who are currently excluded by the financial system. This includes students and immigrants as well as 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 account debits payments and provides real-time updates on every reimbursement. Onbo also has loan management software with integrated accounting tools. It can also seamlessly integrate with third-party accounting programs so businesses don’t need to alter their existing systems.

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