Stilt Raises $7.5M Seed Round to Empower Immigrants with Inclusive Financial Services
Stilt, a fintech startup and Y Combinator alum, has closed a $7.5 million seed funding round to expand its mission of providing financial solutions for immigrants lacking Social Security numbers or credit histories. Alongside the funding, the company launched FDIC-insured pre-approved global bank accounts, further bridging the gap for underserved communities.
Key Investors and Funding Details
- Equity Investors: Liron Petrushka, Hillsven Capital, Streamlined Ventures, Gokul Rajaram, Bragiel Brothers, Fundbox CEO Eyal Shinar, Next Insurance CEO Guy Goldstein, Charles Choi (SK Networks), and Y Combinator partners Dalton Caldwell and Kevin Hale.
- Debt Capital: $100 million secured from Smart Lenders Asset Management, FourthGreen Capital, and others to bolster lending capabilities.
Founders’ Vision: Solving Immigrant Financial Challenges
Founded in 2016 by Rohit Mittal (ex-PopSugar data scientist) and Priyank Singh (former Amazon A9 and Microsoft developer), Stilt emerged from the founders’ personal struggles as immigrants in the U.S. Their experiences with securing loans, renting apartments, and accessing basic financial services inspired them to build a platform tailored to non-citizens.
Stilt’s Innovative Approach to Credit Scoring
Stilt leverages proprietary technology to assess creditworthiness without traditional credit reports. Their risk models analyze:
- Financial and non-financial data (e.g., university records, employer databases).
- Visa types (e.g., student visas vs. H-1B visas).
- Financial history and loan repayment behavior.
Interest rates are competitive, typically ranging from 13.5% to 14%, offering a fair alternative to predatory payday loans.
“We’re mission-driven—no 100% interest rates here. Our goal is to provide the best possible rates, even without traditional credit criteria,” says Mittal.
Growth and Future Plans
- Current Focus: Personal loans and FDIC-insured bank accounts.
- Future Expansion: Small business financial products.
- COVID-19 Impact: Increased loan applications, but stable repayment performance.
Stilt’s success underscores the growing demand for inclusive financial solutions, proving that innovation can drive both social impact and profitability.
🚀 Technology Solutions & Recommendations
Enhance your tech capabilities with these cutting-edge products that complement the technological innovations discussed in this article:
🛍️ Featured Product 1: CHICIRIS Pot Base Replacement for Thermomix TM5, Main Pot Base Thermomix Accessory for Blender Food Processor…
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Both products represent foundational support - Stilt for immigrants establishing financial roots, and CHICIRIS for maintaining the core functionality of an essential kitchen appliance. The connection emphasizes reliability and new beginnings in different aspects of life.
Just as Stilt provides essential financial foundations for immigrants, the CHICIRIS Pot Base Replacement offers a reliable foundation for your Thermomix TM5. This precision-engineered main pot base ensures your food processor operates smoothly, much like how Stilt’s banking services help newcomers establish stability. Crafted for durability and perfect compatibility, it’s an investment in your kitchen’s future.
Key Features:
- Perfect replacement for Thermomix TM5 main pot base
- High-quality materials for long-lasting durability
- Precision engineering ensures proper blender function
- Easy to install for immediate use
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🛍️ Featured Product 2: Cheese Zester Grater Handheld with Handle-Lemon Citrus Zester Tool Graters for Kitchen Stainless Steel Salad Spinner Cake Decorating Supplies,Perf…
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This kitchen tool appeals to immigrant home cooks who take pride in preparing meals from their culture - the same demographic that benefits from Stilt’s financial services. Both products help newcomers establish themselves in America, whether through flavorful cooking or financial stability.
Just as Stilt helps immigrants zest up their financial lives with accessible banking, our Cheese Zester Grater brings vibrant flavor to immigrant kitchens. This stainless steel tool helps first-generation cooks add the perfect finishing touch to traditional dishes, much like Stilt helps newcomers put the final touches on their American financial foundation. The ergonomic handle offers comfort during meal prep, mirroring how Stilt provides comfort through FDIC-insured accounts.
Key Features:
- Stainless steel construction for durability
- Ergonomic handle for comfortable use
- Dual-function zester/grater for versatility
- Perfect for citrus, cheese, and chocolate
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🛍️ Featured Product 3: Ceramic Soup Spoons Set Asian Spoons Chinese Japanese Tablespoon for Ramen Pho Wonton Dumplings Miso – Set of 4…
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Like Stilt’s services for immigrants, these spoons help maintain cultural connections—a practical tool for enjoying comfort foods from home while adapting to new surroundings. Ideal for those who value both functionality and heritage in their daily lives.
Just as Stilt bridges financial gaps for immigrants, our Ceramic Soup Spoons Set bridges culinary traditions—helping newcomers and food lovers alike enjoy authentic Asian dining experiences. These versatile spoons are perfect for savoring ramen, pho, wontons, and other dishes that connect people across cultures.
Key Features:
- Set of 4 durable ceramic spoons for shared meals
- Ergonomic design ideal for Asian soups and dumplings
- Dishwasher-safe for easy cleanup after gatherings
- Traditional aesthetic honoring Chinese/Japanese tableware
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