Very Good Security customer Stilt just made an exciting announcement. The rising fintech company, which offers financial services tailored to immigrants living in the US, just raised a $100 million debt facility from Silicon Valley Bank.
This new funding, which brings the company’s total debt facilities to $225 million, will enable Stilt to lend to its customers at better interest rates. This fits nicely with their wider mission to provide easier access to financial services to immigrants who might not have any credit history in the US or Social Security numbers.
Alongside this debt facility announcement, Stilt also shared that it is now publicly launching its new no-fee checking accounts, which were previously only available privately since the beta launch back in September.
Since launching this new service, the number of active accounts is increasing by 50% month to month.
Everyone at VGS is thrilled that Stilt is continuing to expand successfully, and that the company’s much-needed financial services are now available to more people that can benefit from them.
Incepted five years ago by Rohit Mittal and Priyank Singh, Stilt’s mission was built on the experiences of its founders, having faced challenges with accessing financial services upon arriving in their new country of residence.
For banking applicants who don’t possess conventional credit reports, Stilt’s unique loan application process takes factors like visa status, education, personal information, and banking transaction history into account – while also using its proprietary machine-learning algorithms that rely on demographic data from a wide spectrum of both financial and non-financial origins.
Thanks to Stilt, immigrants are now empowered to use Stilt loans to establish credit history in the US, borrow money to cover their lost jobs due to the pandemic, borrow money to send back to their families in their home countries, and much more.
If you’d like to learn more about the impressive work Stilt is doing, and how they’re keeping all of that sensitive data they work with safe and getting new products to market fast, check out this case study.