Additionally, Stilt announced the general launch of Onbo, the first of its kind credit as-a-service offering that allows any business to build and offer a credit product, without needing a bank sponsor in the background. Onbo leverages Stilt’s state lending licenses and compliance framework so companies can focus on developing their own product. Onbo manages all the complexity of origination, payments, and credit reporting for customers. Onbo also helps businesses get started with debt capital of up to $1M.
Stilt has been piloting Onbo with several startup customers, but starting today companies can offer credit building tools, revolving lines of credit, or personal loans to its customers. The product is extremely developer-friendly — powered by a single API that enables simple integrations and results in the product being up and running with just a few short lines of code in as little as two weeks.
“Onbo represents a new path forward for neobanks looking to launch a credit product,” said Rohit Mittal, co-founder and CEO of Stilt. “We’ve spent 5 years at Stilt getting state…
