Stilt provides financial services to immigrants in the U.S. Our first product is a loan for immigrant students and professionals who don't have a credit history. These individuals are educated, experienced, and hard working but are locked out of current financial system because of lack of traditional U.S. credit history. It's difficult for traditional lenders and banks to understand their true risk. We use proprietary and public data sources to predict their credit worthiness with limited or zero credit history. We predict employability, financial responsibility, and propensity to leave U.S. as a part of our credit risk model.
There are 42.3 million immigrants in the U.S. and around 5 million are on long term visas (H-1/F-1/J-1/L-1). About 1 million of these are students, majorly from China, India, and Korea and spend $30 billion on education. We are initially targeting this underserved market.