San Francisco-based fintech company Stilt announced Wednesday that it raised $100 million in a warehouse facility agreement with Silicon Valley Bank.
Stilt offers checking accounts that are specifically designed to meet the needs of visa holders and undocumented people. The company utilizes public data to determine the credit worthiness of those with limited or zero credit history.
Accounts on the platform provide spot-rate remittance, the ability to build credit and cashback for people without Social Security numbers in the United States.
Stilt has raised $225 million in total debt facilities to date, according to the company. The new financing will go toward additional lending to borrowers and checking account holders.
“Families of immigrants and international students are impacted back in their home countries due to lockdowns and reduced work hours, so they need financial assistance to put food on the table,” a spokesperson for the company said in a statement.
Stilt’s platform enables undocumented people to instantly send money back to family in their home countries, according to the company.
“We are seeing a significant increase in loan applications from immigrants and thin-file customers who are facing even more financial difficulty and uncertainty due to COVID-19,” Rohit Mittal, co-founder and CEO of Stilt, said in a statement. “It is vital that we provide a holistic set of products — from bank accounts, to loans, and remittance — to meet the growing needs of some of our most important, yet underserved populations.”
Since its launch in September, the number of active checking accounts on the platform has grown 50 percent month over month. Most customers on the platform are setting up direct deposit to make Stilt their primary account, according to the company.
Stilt’s services are currently available in 16 states across the country including California, Arizona, Texas, Florida and Utah.
