Stilt Raises $14M, Launches Business Credit Platform

Stilt, a company that provides financial services for immigrants, has raised $14 million in a Series A funding round, the company said in a news release Thursday (March 10).

Meanwhile, Stilt has launched Onbo, which it says is a first of its kind credit as-a-service offering that lets any business offer a credit product, without needing a bank sponsor.

The company says the tool uses Stilt’s state lending licenses and compliance framework so businesses can focus on developing their own product, with Onbo managing origination, payments and credit reporting for customers.

Read more: Stilt Raises $100 Million To Fuel Immigrant Loans

“Onbo represents a new path forward for neobanks looking to launch a credit product,” said Stilt  Co-founder and CEO Rohit Mittal.

“We’ve spent 5 years at Stilt getting state lending licenses, building our credit stack, and refining our risk models. Now we’re opening this entire stack for others to build innovative credit products in just a few short weeks. This is the quickest way we can think of to democratize loans and credit building across the board.”

Stilt says Onbo funds user accounts, deducts payments and updates reimbursements in real time. It also offers a loan management system with built-in accounting tools, but also works with third-party accounting tools so businesses won’t need to change systems.

Founded by immigrants on visas, Stilt has lent to people from more than 150 countries, and focuses its efforts on people shut out of the financial system, such as immigrants, international students, DACA and visa holders.

Last year, Stilt raised $100 million. To date, the company has a raised a total of $375 million in equity and debt financing. This week’s funding round was led by Link Ventures, with participation from Petrushka Investments, Hillsven Capital, Gokul Rajaram, Claire Hughes Johnson (COO, Stripe), Ott Kaukver (CTO, Checkout.com), Rahul Vohra (CEO, Superhuman), Josh Buckely and others.