Fintech start-up Stilt secures $114m in debt and equity funding

Stilt, a US provider of loans and financial services for immigrants, has raised $14 million in a Series A funding round.

The round was led by Link Ventures and saw participation from Petrushka Investments, Hillsven Capital and Gokul Rajaram, among others.

Individual investors Claire Hughes Johnson (COO, Stripe), Ott Kaukver (CTO, Checkout.com) and Rahul Vohra (CEO, Superhuman) also participated.

Stilt also closed on a new $100 million debt facility, bringing its total raised to $375 million in equity and debt financing.

The start-up says its annual revenue grew 4x in 2021, while its headcount grew by 3x.

The company has also launched Onbo, a credit-as-a-service offering that allows any business to build and offer a credit product without needing a bank sponsor.

Onbo leverages Stilt’s state lending licenses and compliance framework, manages all the complexity of origination, payments and credit reporting for customers and provides a debt capital of up to $1 million.

Stilt CEO and co-founder Rohit Mittal says: “We’ve spent five 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 democratise loans and credit building across the board.”