Can’t get credit for your business? You’re not alone. Over 31 million small businesses struggle to access traditional financing.
Stilt, a business credit platform, is here to save the day: recently closing a 14 million dollar funding round and launching their platform to provide small businesses with much needed financial resources.
Let’s take a look at how it works.
Introduction
Stilt is a financial platform dedicated to providing business credit to businesses of all sizes. Working with over 300 lenders, Stilt offers improved access to funds for small and medium-sized businesses seeking financing for growth needs. The company was founded in 2012 and has just announced the close of an $14M Series A funding round.
This marks a major milestone for the company, allowing them to ramp up their operations and commercialize their credit platform. Read on to learn more about how the Stilt platform works and how it can help businesses access financing for their growth needs.
Overview of Stilt
Stilt is a business credit platform that gives small business owners more affordable access to capital. Founded in 2015 and headquartered in Silicon Valley, the company recently announced the successful completion of its $14 million Series A financing round with participation from Bolse Fintech Group, Y Combinator, Nyca Partners and other investors.
The Stilt platform provides online access to various finance solutions, including short-term loans for small businesses up to two years old. Depending on their needs, small businesses can also use Stilt to apply for long-term loans or lines of credit.
To make use of the service, applicants complete a simple online application with personal and financial information. Stilt then reviews this information and approves within 24 hours of applying. Once approved, businesses receive the funds via bank transfer or check — whichever payment option is most convenient — within one business day after approval.
Stilt’s platform allows businesses to spread out loan payments over a longer period than traditional financing options provide. This helps reduce borrower costs, as well as helping businesses increase their cash flow by freeing up working capital.
By providing comprehensive background checks on each applicant’s character, capacity and collateral issues as part of its underwriting process, Stilting helps lenders shift more of their burden away from paperwork processing and towards decision-making — which saves them both time and money while keeping borrowers’ costs down too.
Stilt Raises $14M, Launches Business Credit Platform
Stilt Financial, Inc., a California-based financial technology company, recently raised $14M to launch its groundbreaking business credit platform and propel its growth. The funding came from various sources including venture capital investors such as Mayfield Ventures, Flying Fish Partners and Maveron. Stilt uses advanced underwriting technology to help startups access business credit when traditional lenders are unable or unwilling to provide it.
This isn’t the first time that Stilt has received major investments. In 2017, the company raised nearly $7M in venture capital funds as it set out to develop its groundbreaking credit platform. With the additional round of funding, Stilt can continue improving and expanding its products. By leveraging state-of-the-art risk assessment tools, artificial intelligence and machine learning systems, Stilt can offer more accurate risk modeling and predictive analytics for better loan decision-making.
The new round of funding will also be used for marketing initiatives that target prospective customers, expanding their executive team with key hires and pushing into new markets. For all their efforts in creating a revolutionary way of accessing credit for small businesses, Stilt was recently named 2019 Best FinTech Company by Investopedia magazine.
What is a Business Credit Platform?
Business credit platforms like Stilt are online services that use technology to provide small businesses and entrepreneurs access to financing options. They offer a customer-centric way for business owners to borrow funds by leveraging their current customer base, products, services and other data points to access funds more competitively.
Through the Stilt platform, smaller businesses can apply for loans from participating lenders without needing a traditional bank loan. This opens the door for business owners who may not qualify for more traditional forms of financing due to lack of credit or collateral requirements. In addition, partners on the platform have access to various other features including business performance metrics tracking and cash flow management tools.
The process is simple: after setting up an account with Stilt and providing basic information about your business, a customer will be given access to different loan products based on their loan needs, payment history and credit score. Customers can then review offers from multiple partners and apply with just one click. Once approved, businesses will have access to funding as soon as possible to grow their operations faster than ever!
Features of Stilt Business Credit Platform
The Stilt Business Credit Platform helps businesses get business credit from partner institutions. It offers fast and easy access to credit up to $150k, with interest rates as low as 12.99% APR.
This makes it easier for startups and small businesses to manage their finances without investing in costly infrastructure or being subjected to the slow bureaucracy of traditional banks.
Features of the Stilt platform include:
-Instant application submission: Applications are easy to complete and you can get immediate feedback on your eligibility. It’s fast and straightforward, so you don’t have to wait weeks on the bank or search through paperwork.
-Accessibility: You can access the platform online anytime with a username and password. This allows businesses to quickly apply for loans when they need them, without having to worry about paperwork or wait in line at a brick-and-mortar bank branch
-Security: Stilt protects its customers’ data with secure encryption — all information is encrypted before it is sent between parties, meaning that even if your data was intercepted, it would be virtually unreadable by third parties
-Comprehensive Interest Rate: TheInterest rate you are offered will depend on several factors such as loan size, credit score, repayment history, etc., but generally it ranges from 12.99% APR up to 34.99% APR for larger loan sizes
-Fast Funding: Once approved for a loan from one of the partner lenders, funds are usually wired within 5 working days so you can start using your funds immediately!
Benefits of Stilt Business Credit Platform
The Stilt Business Credit Platform is designed to make it easier for small business owners to access the capital they need to grow their business. Their platform provides five key benefits:
1. Enables businesses to start building a credit profile: Businesses that use the Stilt Business Credit Platform can build credit histories and improve their financial standing even if they have limited or poor borrowing history.
2. Easily accessible credit: Using the Stilt platform, businesses can rapidly apply for loans and access the funds quickly without jumping through hoops.
3. Custom options with flexible terms: The Stilt platform offers a wide range of loan types so businesses can find one that works best for them and their long-term goals, with flexible terms that suit individual needs.
4. Low interest rates: Small business owners who take advantage of the Stilt platform benefit from some of the lowest interest rates in the industry, potentially allowing them to save hundreds or even thousands in loan fees over time.
5. Secure data protection: All information shared with Stilt is secure and encrypted, ensuring data protection and privacy no matter where business owners are located.
How to Use Stilt Business Credit Platform
The Stilt Business Credit Platform is a comprehensive online platform providing business owners access to credit and traditional banking services. It was designed to help small businesses – particularly those in underbanked communities – secure access to financial services outside the expensive and difficult traditional loan process. Businesses can use Stilt’s financially inclusive platform to get rapid funding decisions, easily make payments, access personalized financing options, and more.
The first step to starting with Stilt is creating an account with your basic business information such as banking account number, contact information, industry type etc. Once your account is set up, you are ready to apply for funding. The application process takes only minutes and does not require any physical documents or paperwork. All applications are subject to the company’s credit evaluation process to determine eligibility for credit line offers.
approved you will have access to various loan products tailored specifically for your business’s needs depending on the sector, size and individual eligibility- such as Small Business Administration (SBA) loans; short term loans; or crowdfunded financing from peers across the country- all securely through Stilt’s web platform or mobile app.
These include additional features such as resource guides that provide clear insight into lenders’ policies related to debts that may affect your business in areas ranging from consumer protection regulations to taxation requirements.
Stilt also provides several other helpful lending tools including credit monitoring alerts which let customers know when their score has been upgraded o lowered; monthly payment tracking; payment reminders; and automated invoices ensuring regular repayments on time while giving customers full control of their finances- all facilitated within an intuitive user interface that makes managing finances quick and efficient! This feature allows businesses to quickly pay bills while tracking outstanding debts in one place without hassle or delay so they can invest time back into their operations without unnecessary stress or worry.
Stilt’s user-friendly end-to-end online application platform helps over 100 million underserved entrepreneurs worldwide build business creditworthiness faster than ever before so that businesses like yours can reap real economic empowerment every day from this powerful system!
Conclusion
In conclusion, Stilt’s business credit platform is designed to help entrepreneurs get the support they need to succeed. With $14 million in seed funding and impressive technology, Stilt promises to revolutionize how small business owners access capital. The company’s streamlined platform enables entrepreneurs to review loan options quickly and efficiently and are ideal for those looking for cost-effective solutions. Furthermore, a dedicated team provides custom assistance—whether it’s help understanding requirements or assistance with the application process from start to finish.
With its user-friendly interface and intuitive design, Stilt seeks to make borrowing as simple as possible for aspiring American small business owners.
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