The funding will help Stilt accelerate product development and enhance its marketing capabilities. Here are the top-line bullets you need to know.
Stilt, a fintech company, has raised $114M via a Series A round and a line of credit. The Series A funding has been provided by Hillsven Capital, Link Ventures, and Petrushka Investments, among others, and undisclosed investors have contributed the $100M line of credit.
HOW’S THE COMPANY PERFORMING?
- California-based Stilt provides loans for immigrants and other underserved communities.
- The platform caters to 15K+ customers across 150 countries.
- Its annual revenue grew 4x in 2021.
- Stilt’s employee headcount grew 3x to reach 30 in 2021.
Source: Stilt
WHY DOES THE MARKET MATTER?
- The global digital lending platform market is expected to reach a value of $27.1B by 2028, growing at a CAGR of 18.13%, according to Verified Market Research.
- Digital lending startups raised a record $20.5B across 633 deals in 2021. This marked a 220% funding increase year-over-year (YoY).
- Widespread digitization has contributed to the increased adoption of digital banking, particularly among younger populations. In fact, 97% of millennials use mobile banking, according to Insider Intelligence. This has increased the demand for digital lending services, contributing to growth in this market.
