Stilt Steps Up With $114 Million in Financing

<p><span class&equals;"xn-location"><strong>SAN FRANCISCO<&sol;strong> <&sol;span>&&num;8212&semi; <a href&equals;"https&colon;&sol;&sol;c212&period;net&sol;c&sol;link&sol;&quest;t&equals;0&amp&semi;l&equals;en&amp&semi;o&equals;3468865-1&amp&semi;h&equals;2288554135&amp&semi;u&equals;https&percnt;3A&percnt;2F&percnt;2Fwww&period;stilt&period;com&percnt;2F&amp&semi;a&equals;Stilt" target&equals;"&lowbar;blank" rel&equals;"nofollow noopener">Stilt<&sol;a>&comma; a provider of financial services for immigrants&comma; has raised <span class&equals;"xn-money">&dollar;14 million<&sol;span> in Series A funding led by <a href&equals;"https&colon;&sol;&sol;c212&period;net&sol;c&sol;link&sol;&quest;t&equals;0&amp&semi;l&equals;en&amp&semi;o&equals;3468865-1&amp&semi;h&equals;3525942385&amp&semi;u&equals;https&percnt;3A&percnt;2F&percnt;2Fwww&period;linkventures&period;com&percnt;2F&amp&semi;a&equals;Link&plus;Ventures" target&equals;"&lowbar;blank" rel&equals;"nofollow noopener">Link Ventures<&sol;a>&comma; with participation from Petrushka Investments&comma; Hillsven Capital&comma; <span class&equals;"xn-person">Gokul Rajaram<&sol;span>&comma; <span class&equals;"xn-person">Claire Hughes Johnson<&sol;span> &lpar;COO&comma; Stripe&rpar;&comma; Ott Kaukver &lpar;CTO&comma; Checkout&period;com&rpar;&comma; <span class&equals;"xn-person">Rahul Vohra<&sol;span> &lpar;CEO&comma; Superhuman&rpar;&comma; <span class&equals;"xn-person">Josh Buckely<&sol;span>&comma; and others&period; Stilt is a Y Combinator alumnus from Winter 2016&period;<&sol;p>&NewLine;<p>Stilt also closed on a new <span class&equals;"xn-money">&dollar;100 million<&sol;span> debt facility for lending to its loan customers&comma; bringing its total raised to <span class&equals;"xn-money">&dollar;375 million<&sol;span> in equity and debt financing&period;<&sol;p>&NewLine;<div class&equals;"col-sm-10 col-sm-offset-1">&NewLine;<p>In addition&comma; Stilt announced the general launch of <a href&equals;"https&colon;&sol;&sol;c212&period;net&sol;c&sol;link&sol;&quest;t&equals;0&amp&semi;l&equals;en&amp&semi;o&equals;3468865-1&amp&semi;h&equals;3296861408&amp&semi;u&equals;https&percnt;3A&percnt;2F&percnt;2Fwww&period;stilt&period;com&percnt;2Fb2b&amp&semi;a&equals;Onbo" target&equals;"&lowbar;blank" rel&equals;"nofollow noopener">Onbo<&sol;a>&comma; the first of its kind credit as-a-service offering that allows any business to build and offer a credit product&comma; without needing a bank sponsor in the background&period; Onbo leverages Stilt&&num;8217&semi;s state lending licenses and compliance framework so companies can focus on developing their own product&period; Onbo manages all the complexity of origination&comma; payments&comma; and credit reporting for customers&period; Onbo also helps businesses get started with debt capital of up to <span class&equals;"xn-money">&dollar;1 million<&sol;span>&period;<&sol;p>&NewLine;<&sol;div>&NewLine;<div class&equals;"col-sm-10 col-sm-offset-1">&NewLine;<p>Stilt has been piloting Onbo with several startup customers&comma; but starting today companies can offer credit building tools&comma; revolving lines of credit&comma; or personal loans to its customers&period; The product is extremely developer-friendly — powered by a single API that enables simple integrations and results in the product being up and running with just a few short lines of code in as little as two weeks&period;<&sol;p>&NewLine;<p>&&num;8220&semi;Onbo represents a new path forward for neobanks looking to launch a credit product&comma;&&num;8221&semi; said <span class&equals;"xn-person">Rohit Mittal<&sol;span>&comma; co-founder and CEO of Stilt&period; &&num;8220&semi;We&&num;8217&semi;ve spent 5 years at Stilt getting state lending licenses&comma; building our credit stack&comma; and refining our risk models&period; Now we&&num;8217&semi;re opening this entire stack for others to build innovative credit products in just a few short weeks&period; This is the quickest way we can think of to democratize loans and credit building across the board&period;&&num;8221&semi;<&sol;p>&NewLine;<p>&&num;8220&semi;Stilt is now taking their next step in changing the game of access to credit in the U&period;S&period; Onbo will enable neobanks and fintech projects to offer optimized lending products for their communities out of the gate&comma;&&num;8221&semi; said <span class&equals;"xn-person">Lisa Dolan<&sol;span>&comma; Link Ventures Board Member&period;<&sol;p>&NewLine;<p>Onbo funds user accounts&comma; deducts payments and updates every reimbursement in real time&period; It also includes a loan management system with built-in accounting tools&comma; but also works seamlessly with third-party accounting tools so businesses do not have to change their existing systems to benefit&period;<&sol;p>&NewLine;<&sol;div>&NewLine;