Leading Immigrant Financial Services Provider Stilt Raises $100M Credit Facility
The company also launches the first current account for immigrants and people without credit
pilings, the leading provider of financial services for immigrants, today announced that it has raised a $100 million warehouse from Silicon Valley Bank, the bank for the world’s most innovative companies and their investors. To date, Stilt has raised a total of $225 million in total credit facilities to lend to its customers.
The company also announced the launch of its new current account offer. Since launching in September, the number of active checking accounts has increased by 50% month over month, and most customers are setting up direct deposit to make Stilt their primary account. Powered by Evolve Bank & Trust, Stilt’s checking accounts are the first specifically designed to meet the needs of immigrants and people without social security numbers.
The Stilt Chequing Account has powerful features for immigrants, including cash payout, the ability to build credit, and cash back on services immigrants love. Customers can also get a pre-approved loan transferred to their account in less than a minute – an industry first. The credit facility will be used to lend to borrowers and checking account holders.
“This credit facility will be critical in helping Stilt achieve more than $350 million in annualized lending volume,” said Rohit Mittal, co-founder and CEO of Stilt. “We are seeing a significant increase in loan applications from immigrants and clients with limited records who are facing even more financial hardship and uncertainty due to COVID-19. It is therefore essential that we provide a holistic set of products – from bank accounts to loans and remittances – to meet the growing needs of some of our most important, but underserved populations.
As the global pandemic continues to make life difficult for everyone, immigrants are particularly affected. Immigrant and international student families are being impacted in their home countries due to closures and reduced work hours, so they need financial assistance to put food on the table. Stilt allows immigrants to instantly remit money to family in their home country, while building credit in the United States.
“We are thrilled to support Stilt as the team expands its portfolio of financial services products for immigrants and those without credit,” said Nick Christian, head of specialty finance at Silicon Valley Bank. “Stilt is in a strong financial position and we have been impressed with the company’s organic customer acquisition. We look forward to expanding our relationship as the company moves into its next phase of growth.
About the stilt
Stilt is a leading mission-driven company that helps immigrants, international students, DACA and visa holders access affordable credit and establish financial identity in the United States. Founded by visa-holding immigrants, Stilt has lent to people in more than 150 countries around the world. Stilt is backed by Y Combinator, Liron Petrushka, Hillsven Capital, Eyal Shinar, Dalton Caldwell, Kevin Hale and other top investors. For more information, visit stilt.com.
About Silicon Valley Bank
For more than 35 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward quickly. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps meet the unique needs of innovators. Learn more about svb.com.
- Contact information
- James Christopherson
- Professional manager
- Contact by email
This news content may be incorporated into any legitimate news gathering and publishing effort. Linking is allowed.
Press release distribution and press release distribution services provided by WebWire.