Stilt
Stilt is a fintech company founded in San Francisco in 2015 by Rohit Mittal and Priyank Singh that offered loans, checking accounts and other financial products to immigrants, with backing from Y Combinator. In March 2022 it announced a $14 million Series A and a $100 million debt facility and launched the credit infrastructure product Onbo; it was later acquired by JG Wentworth.
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Key facts
2015Founded in San Francisco
Stilt was founded in San Francisco in 2015 by Rohit Mittal and Priyank Singh to offer financial products to immigrants.[1]
January 2021$100 million warehouse facility
In January 2021, Stilt announced a $100 million warehouse facility from Silicon Valley BankSilicon Valley BankSilicon Valley Bank was a state-chartered commercial bank founded in California in 1983 and headquartered in Santa Clara. It was the principal subsidiary of the holding company SVB Financial Group, and its clients were concentrated among technology and life sciences companies and venture capital firms. In March 2023, after it announced a securities sale and a capital-raising plan, it suffered a massive run, was closed by California regulators, and was placed into receivership with the Federal Deposit Insurance Corporation. U.S. regulators invoked a systemic risk exception to protect all of its deposits, its deposits and loans were then assumed by First Citizens, its parent entered bankruptcy reorganization, and the regulatory reviews and litigation that followed the failure continued into 2026.Open the full entry, bringing its total debt facilities to $225 million. Mittal said the facility would help Stilt reach “north of $350 million in annualized loan volume.”[2]
It also offered checking accounts powered by Evolve Bank & Trust, open to immigrants without Social Security numbers.[2]
March 2022Series A and launch of Onbo
In March 2022, Stilt announced a $14 million Series A equity round led by Link Ventures together with a $100 million debt facility, bringing its equity and debt raised since 2015 to $375 million. Onbo, launched the same month, is a credit-as-a-service product that lets businesses offer credit without a bank sponsor.[3]
Backed by Y Combinator, the company served immigrants, international students, DACA recipients and visa holders, and by then it had facilitated loans to people from more than 150 countries.[4]
Business: Loans for people with thin credit files
The company describes itself as “building a new age bank for immigrants in the U.S.”; its first product was a loan for international students and working professionals with limited or no credit history.[5]
Status: Acquired
Stilt was later acquired by JG Wentworth.[1]
Sources
- Stilt — Y Combinator (opens in a new window)
- Stilt Raises $100 Million To Fuel Immigrant Loans (opens in a new window)
- Stilt Raises $114M Series A in Debt and Equity Funding (opens in a new window)
- Today in FinTech: Flutterwave Enters Tanzania; Stilt Raises $114M (opens in a new window)
- Stilt - Fintech Sandbox (opens in a new window)