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.
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.
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.
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