Stilt, the leading provider of financial services for immigrants, today announced it has raised $14 million in Series A funding 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.
Stilt also has closed on a new $100 million debt facility for lending to its loan customers, bringing its total raised to $375 million in equity and debt financing.
Additionally, Stilt announced the general launch of Onbo, the first of its kind credit as-a-service offering that allows any business to build and offer a credit product, without needing a bank sponsor in the background. Onbo leverages Stilt's state lending licenses and compliance framework so companies can focus on developing their own product. Onbo manages all the complexity of origination, payments, and credit reporting for customers. Onbo also helps businesses get started with debt capital of up to $1M.
Stilt has been piloting Onbo with several startup customers, but starting today companies can offer credit building tools, revolving lines of credit, or personal loans to its customers. 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.
"Onbo represents a new path forward for neobanks looking to launch a credit product," said Rohit Mittal, co-founder and CEO of Stilt. "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 is now taking their next step in changing the game of access to credit in the U.S. Onbo will enable neobanks and fintech projects to offer optimized lending products for their communities out of the gate," said Lisa Dolan, Link Ventures Board Member.
Onbo funds user accounts, deducts payments and updates every reimbursement in real time. It also includes a loan management system with built-in accounting tools, but also works seamlessly with third-party accounting tools so businesses do not have to change their existing systems to benefit.