Stilt, which is providing financial services for immigrants, raised a $100 million debt facility from Silicon Valley Bank to support its lending product and new checking account product for customers and people without credit.
More than 1 million immigrants arrive in the U.S. each year, according to the Pew Research Center, and Rohit Mittal, co-founder and CEO of Stilt, estimates 15 million immigrants in the country right now face the challenge of access to financial services.
“When I moved to the U.S., we didn’t have credit,” Mittal said. “I wasn’t able to rent an apartment, so I was sleeping on my co-founder’s (Priyank Singh) couch, who also moved to the U.S.”
The new funding gives the San Francisco-based company $225 million in total debt facilities. Stilt has known equity in the amount of $7.5 million from a May 2020 seed round for total funding of $232.5 million since the company was founded in 2015.
In addition, Stilt launched a checking account product back in September with Evolve Bank & Trust for immigrants and people without Social Security numbers. The number of active checking accounts is growing 50 percent month over month.
“We want to add more products that can help financial aspects for our target market, like credit cards, mortgages and insurance from partners,” Mittal said. “Our goal is to grow with our customers.”
