Stilt, a leading neobank for immigrants, has launched a new feature called “Instant Remit” which allows Stilt loan users to remit their loans immediately. Once the loan is approved, Stilt users can choose to send it to their account or to their family at home without leaving the Stilt app.
Stilt, a leading neobank for immigrants, has launched a new feature called “Instant Cash Back” which allows Stilt loan users to remit their loans immediately. Once the loan is approved, Stilt users can choose to send it to their account or to their family at home without leaving the Stilt app.
The ‘Instant Remit’ feature is available to all Stilt chequing account holders. It takes five minutes to open a checking account and users get a free debit card. Stilt chequing accounts are accessible from the web and mobile applications. The feature is available in all 50 states of the United States.
Stilt users can transfer up to $ 30,000 at a time, which is the highest among all other providers. Stilt worked on unique KYC requirements with its partners to enable instant verification to unlock a higher transfer limit.
Previously, immigrants had to take out a loan and transfer it to their checking account through ACH, a process that takes two or three days. Then users will have to use an expensive money transfer service to transfer the funds, adding three more days. With Stilt, the transfer starts instantly after the loan is disbursed.
The company’s mission is to democratize access to quality, affordable financial services for 45 million immigrants to the United States. With this launch, Stilt takes another step towards building a financial center for immigrants.
Stilt says there are over 150,000 users on the platform who are eligible to access checking accounts and remittances directly from the Stilt app.
“With Stilt Instant Remit, I was able to send $ 5,000 within hours to my parents in India for an emergency. I got the best exchange rates compared to banks and other services. I’m so happy that Stilt was able to help me at the right time, ”says Karthik, a Stilt user from Texas.
Rohit Mittal, Co-Founder and CEO of Stilt, said: “We are excited to launch the ‘Instant Remit’ feature which helps thousands of our clients instantly transfer their loan to their home country. clients to pay off student loans, send money for medical emergencies, weddings, and general assistance. We can’t wait for millions of immigrants to use it. “
Stilt also plans to launch additional products that will improve financial inclusion and make the products more affordable to the general public.
Stilt is funded by Y Combinator and has raised over $ 240 million so far, including debt and equity. Stilt Checking Accounts are provided by FDIC member Evolve Bank and Trust.
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(With entries from ANI)
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