Stilt Raises $114 Million, Launches "Credit-as-a-Service" Platform Onbo
Stilt app

Stilt Raises $114 Million, Launches “Credit-as-a-Service” Platform Onbo

When looking at the FinTech industry, a recurring theme is the idea of bringing financial services to those who have traditionally been without such offerings. This includes making banking, investing, and lending products more accessible overall. Now, a startup with a focus on these very goals is raising money towards its efforts, while also rolling out a new platform that will expand its reach.

This week, Stilt announced that it had raised $114 million. The total includes a $100 million debt facility as well as a $14 million Series A. The latter was led by Link Ventures, while firms Petrushka Investments and Hillsven Capital alongside individuals including Gokul Rajaram, Stripe COO Claire Hughes Johnson, CTO Ott Kaukver, Superhuman CEO Rahul Vohra, Josh Buckely, and others also participated. To date, Stilt has now raised a total of $375 million in equity and debt financing.

Stilt is a FinTech that specializes in loans for immigrants and other underserved communities. This includes international students, DACA recipients, and visa holders. Currently, the company is taking its efforts one step further with the introduction of Onbo. With this new platform, other businesses will be able to offer credit-building products, lines of credit, and personal loans to customers without needing to find a partner bank. Instead, Stilt will manage compliance and licensing. Additionally, the company will offer debt capital of up to $1 million to businesses.

Sharing more on the impact Stilit expects Obno to have, the company’s co-founder and CEO Rohit Mittal said in a statement, “Onbo represents a new path forward for neobanks looking to launch a credit product. 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.” Mittal added, “This is the quickest way we can think of to democratize loans and credit building across the board.” 

Additionally, Link Ventures Board Member Lisa Dolan said of Stilt and their new offering, “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.”

While Stilt’s $14 million Series A is noteworthy in its own right, the launch of Onbo presents great promise for the startup. Furthermore, the feature could go a long way in helping the company accomplish its mission of helping the underserved. To that point, Stilt is continuing a core tradition of FinTech as it brings greater financial services to a greater number of people.

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories:, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...
Rent Day

Bilt Announces Home Collection Deal for May 2024 Rent Day

For May's Rent Day, Bilt is offering a deal that will allow members to decrease their rent bill while also adding to their home decor. About the Home Collection offer: Bilt has crafted a unique Rent Day offer for May 2024. Through the 1st, when Bilt members redeem their points toward rent payments, they'll receive the same number of points to be used toward Bilt Home Collection items. To take...