SAN FRANCISCO, May 21, 2019 /PRNewswire/ -- Stilt, a
mission-driven company focused on democratizing access to credit
for immigrants and international students, today announced its
partnership with Remitly, the largest independent digital
remittance company in North
America. Remitly's customers will now have access to credit
through Stilt's unique, immigrant-focused loan products. Customers
can borrow up to $35,000 with rates
starting at 7.99 percent for 6 to 36 months. Remitly customers will
also enjoy leading exchange rates on international transfers sent
by Stilt borrowers, saving them money in exchange rates and
fees.
Today, the US financial system is stacked against immigrants,
making it extremely difficult and expensive for immigrants to
access credit. Lenders need a credit history to assess
creditworthiness, but because immigrants don't have that, they're
stuck in a catch-22. Immigrants have limited options for affordable
credit products and end up having to turn to predatory lenders that
charge exorbitant interest rates, effectively undercutting their
ability to thrive financially.
This partnership provides immigrants with the first opportunity
to access credit in the United
States by alleviating roadblocks at every stage of their
journey in the US, from the first day they arrive to building a
financial identity and helping their families pay bills back
home.
"The United States is built on
the idea that hard work and intelligence can help anyone earn
money, but the same rules somehow don't apply to many of the
millions of immigrants who move here," said Josh Hug, COO and co-founder of Remitly.
"Immigrants have limited options for affordable credit products, so
we are very excited to extend our support for immigrants with
Stilt's offering to help our customers."
Stilt and Remitly are aligned in their mission focused on
helping immigrants live better lives. Stilt reports monthly
payments to credit bureaus from day one upon moving to the US. For
many immigrants, Stilt is the first lender they have, and the
positive payment history helps borrowers get a credit score and
become "credit visible."
"Immigrants, international students, and DACA holders have long
been underserved or outright ignored by the US financial system,
making it incredibly difficult to build a life here," said
Rohit Mittal, co-founder, and CEO of
Stilt. "Today's political climate is also creating a lot of
uncertainty for immigrants, so it is more important than ever for
us to deliver affordable financial products to those populations
and make their lives easier. We are excited to partner with Remitly
and see this as a natural step toward our shared mission."
To learn more about Stilt's credit products through Remitly,
visit www.stilt.com/remitly.
About Stilt
Stilt is a leading mission-driven company focused on helping
immigrants, international students, DACA and visa holders access
affordable credit and establish financial identity in the US.
Founded by immigrants on visas, Stilt has lent to people from more
than 150 countries around the world. Stilt is backed by Y
Combinator, Liron Petrushka,
Hillsven Capital, Eyal Shinar,
Dalton Caldwell, Kevin Hale, and other leading investors. For
more information, visit stilt.com.
About Remitly
Remitly is an independent digital remittance company that
transfers over $6 billion in
annualized volume through its proprietary global money transfer
network across Africa,
Asia, Central Europe, and South America. Its reliable and easy-to-use
mobile app makes the process of sending money faster, easier, more
transparent and less costly by eliminating the forms, codes,
agents, extra time and fees typical of the traditional, century-old
money transfer process. Remitly is backed by industry-leading
investors, Naspers' PayU, Silicon Valley Bank, Stripes Group,
Threshold Ventures (formerly DFJ Venture), DN Capital, QED
Investors, Trilogy Equity Partners, Bezos Expeditions, Founders'
Co-Op, and TomorrowVentures. The company is headquartered in
Seattle, with additional offices
in London, the Philippines, and Nicaragua. For more information, visit
Remitly.com.
James Christopherson
PR Manager
Stilt
(650) 269-8666
This release was issued through WebWire®. For more
information, visit http://www.webwire.com.
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content:http://www.prnewswire.com/news-releases/stilt-and-remitly-partner-to-support-millions-of-immigrants-working-to-secure-a-better-financial-future-for-themselves-and-families-300854649.html
SOURCE Stilt