Stilt Raises $100M in Debt and Equity from Silicon Valley Bank

Stilt, a services provider for immigrants has accumulated $14 million in Series A funding led by Link Ventures to boost its expansion plans of covering B2B offerings. In another equity raise, the San Francisco-based fintech company closed on a recent $100 million debt, bringing the total value to $114 million as per azevedotechcrunch. Ever since its inception in the year 2015, Stilt has received a total raise of $375 million in equity and debt financing.

This capital raise came at the time when the company launched its very sought product named, credit-as-a-service. As described by Stilt this product is aimed at allowing any business to offer a credit product with the sponsorship of a bank in the background. The company has declined to disclose its revenue figure, but it is being speculated that they have increased the same 4 times in the recent past. Founded by immigrants on visas and backed by Y Combinator, Stilt has lent to people from more than 150 countries around the world.

Stilt has state lending licenses and a compliance framework that helps companies develop their own credit offerings. At the same time, the tasks of managing the complexity of payments, origination, and credit reporting are handled by Stilt. It can even provide them with a debt capital of up to $1 million. The company was strictly consumer-focused, but the new product, credit-as-a-service is all set to include a B2B offering.

Rohit Mittal, the CEO, and co-founder of Stilt said that this market is almost 100 times larger if not more than it used to be. The API-powered product helps any fintech or digital bank that wants to offer credit-building tools, revolving lines of credit, or personal loans to its end-users. As per Mittal, with a few short lines of code of this API, a financial services company could be up and running.

He added that he went to Columbia University and could not rent an apartment since he did not have credit. He had to sleep on someone’s couch for weeks. This is what motivated him to start a business with the core idea of helping international students get easy access to high-quality and affordable credit. This is what makes Stilt different from others as not many immigrant-focused startups give access to loans.