The company has thus far raised $225 million in total debt facilities for lending to customers, the release stated.
In addition, Stilt is rolling out a new checking account offering, which will add to the growing number of new checking accounts with the company. Since they launched in September, active checking accounts are growing 50 percent every month, the release stated. Stilt’s checking accounts are powered by Evolve Bank & Trust and intended to help immigrants get financial stability even when they don’t have Social Security numbers.
The Stilt accounts come with features like spot-rate remittance, the ability to build credit, and cash back on services beloved by immigrants, according to the release. Customers also have access to a pre-approved loan transfer for their account in less than one minute.
As the pandemic continues, the release stated immigrants have been particularly adversely affected, with lockdowns and reduced work hours hitting international students and families of immigrants. Stilt’s remittance services can help them get money to those in need.
“This debt facility will be instrumental in helping Stilt reach north of $350 million in annualized loan volume,” said Rohit Mittal, co-founder and CEO of Stilt, in the release. “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. So, 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.”
PYMNTS reported that financial services for immigrants have traditionally been shaky, with banks struggling to provide the breadth of cross-border payments and other similar services. Because of that, new U.S. residents have had to work with multiple accounts to meet their needs.