Fintech startup Stilt secures $114 million in debt and equity funding

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Stilt, a US provider of immigrant loans and financial services, raised $14 million in a Series A funding round.

CEO and co-founder of Stilt Rohit Mittal

The round was led by Link Ventures and saw participation from Petrushka Investments, Hillsven Capital and Gokul Rajaram, among others.

Individual investors Claire Hughes Johnson (COO, Stripe), Ott Kaukver (CTO, Checkout.com) and Rahul Vohra (CEO, Superhuman) also participated.

Stilt also closed a new $100 million credit facility, bringing its total raised to $375 million in equity and debt financing.

The start-up claims that its annual turnover has increased fourfold in 2021, while its workforce has increased threefold.

The company also launched Onbo, a credit-as-a-service offering that allows any business to build and offer a credit product without the need for a bank sponsor.

Onbo leverages state loan licenses and Stilt’s compliance framework, handles all the complexity of origination, payments, and credit reporting for customers, and provides loan capital of up to $1 million. of dollars.

Stilt CEO and Co-Founder Rohit Mittal says, “We spent five years at Stilt obtaining state loan licenses, building our credit stack and refining our risk models.

“Now we’re opening up that whole stack to others to create innovative credit products in just weeks. It’s the fastest way we can think of to democratize lending and credit building at all levels. »

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