One of the greatest strengths in our tank is that we can always reimagine the way we work. This gives us the ultimate access to many different solutions, and when you have such an expansive field to pick from, the resulting possibilities also end up growing rather significantly. Now, if we look back into the past, we can easily see all those instances where the said reality became a big help for us, but while we continue our assessment, we’ll likely notice how none of them even come close to matching technology’s level. Technology stands out so comfortably here due to reasons that really go past everything we had known before it arrived on the scene. Even though adapting to the creation’s unprecedented skill-set was a challenge by all means, the whole process would turn worthwhile once we let technology takeover the entire spectrum. Suddenly, we were boasting an identity, which kept innovation at the heart of everything, and as you would guess, the said dynamic went on to manufacture some interesting by-products. In fact, it is still doing so, with its latest effort going on full display during a recent funding.
Stilt, a company known for offering financial services to immigrants, has officially secured $14 million from a recently-concluded funding round. Led by Link Ventures, the round saw other close participants in Petrushka Investments, Hillsven Capital, and angel investors including Gokul Rajaram, former Stripe COO Claire Hughes Johnson, Checkout.com CTO Ott Kaukver, Superhuman CEO Rahul Vohra, Josh Buckley, and more. Beyond the equity raise, Stilt also bagged a lending facility worth $100 million to extend loan services moving forward. As per certain reports, the cash injection will go towards supplementing the company’s pursuit to enter the B2B market. To expedite this foray, Stilt has already launched a product called Onbo, which “allows any business to build and offer a credit product, without needing a bank sponsor in the background.” So far, the product has been limited to a pilot program, but from now onwards, it is available for every fintech and neobank that needs assistance around elements like credit building tools, revolving lines of credit, and personal loans.
“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 their own 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,” said Rohit Mittal, co-founder and CEO of Stilt.
Apart from facilitating the company’s switch to B2B segment, the newly-raised capital will look to oversee an extensive recruitment drive, expansion of Stilt’s product line, and broader marketing efforts.