Stilt started as a provider of financial services for immigrants and is Y Combinator‑backed. It recently launched Onbo, an API-powered credit-as-a-service product that lets businesses build and offer credit products without a bank sponsor. The company says it can manage origination, payments and credit reporting for partners and can provide debt capital of up to $1 million to customers. Stilt reported a 4x increase in annual recurring revenue in 2021 but declined to disclose hard revenue figures. The company currently has a team of about 30 and plans to use new capital to grow the team, accelerate product development and expand marketing. Stilt holds state lending licenses and an existing compliance framework, which it cites as a differentiator for scaling B2B partnerships. Stilt offers lending and banking products designed for immigrants and people without Social Security numbers or traditional credit histories. Its loan underwriting considers bank transactions, education, employment, visa status and uses proprietary machine-learning models drawing on diverse financial and non-financial data. The company has publicly launched no-fee checking accounts (powered by Evolve Bank & Trust) with spot-rate remittance to about 50 countries and the ability to apply for credit lines and pre-approved loans through accounts. Since opening checking to existing customers in September, active checking accounts have grown ~50% month-over-month. Stilt reports average loan interest rates of about 12%–14%, positioned well below alternative products that can charge 30%–100%. The firm says loan performance remained steady through the COVID-19 pandemic and many customers use loans to build U.S. credit histories. Stilt offers personal financial services and loans tailored to immigrants who lack Social Security numbers or traditional credit reports, using proprietary models to score applicants. Its core products have included consumer loans (the company says it has lent tens of millions of dollars over the past four years) and it launched FDIC‑insured pre‑approved global bank accounts. Stilt underwrites borrowers by analyzing a wide range of financial and non‑financial data—universities, roughly half a million employers, millions of job positions, credit bureau and bank data, and visa type—and further lending is tied to performance of a user’s first loan. Interest rates on loans are generally about 13.5%–14%, presented as a better alternative to payday or extremely high‑cost options. Financially, the company closed a $7.5 million equity seed round and secured about $100 million in debt capital to fund lending. Stilt says demand has increased during the COVID‑19 pandemic while loan performance has remained steady. The company plans to expand beyond personal financial services into products for small businesses in the future.

Total raised

$322M

Funding rounds

5

Latest round

Debt Financing

Latest activity

Mar 2022