Next co-founder backs fintech for immigrants startup Stilt
San Francisco-based Stilt , which offers loans for people with limited credit, announced it has closed a $7.5 million seed round. Next Insurance CEO Guy Goldstein participated in the round.
Established in 2016 and led by co-founder and CEO , Stilt is a team of ~18 offering financial products to all kinds of visa holders, immigrants, non-U.S. citizens and the underserved. Its application process uses proprietary and public data sources to predict the creditworthiness of immigrants with limited or zero credit history and applicants get a decision in 24 hours. No co-signer required and interest rates start at 7.99%.
Yesterday, the company announced the launch of an FDIC insured bank account for immigrants and visa holders with the following features: no minimum account balance required, instant virtual cards for online shopping, credit lines up to $5,000, no SSN required, and no foreign transaction fees; to name a few.
Bottom Line: available in 16 states including CA, NY and TX.
