The digital banking market continues to get more and more crowded as Stilt adds their name into a wide array of digital banks; Stilt is focused on immigrants and those without traditional credit scores; born out of the experience Co-Founder & CEO Rohit Mittal had when he moved from India to New York to attend Columbia University; the company verifies identity by asking users to take selfies and pictures of documents that prove the user is allowed to reside in the U.S.; Stilt has created what they call look-alike metrics to help underwrite borrowers, “We have developed a lot of look-alike metrics,” Mittal said to American Banker. “Based on the tens of thousands of applications that we have received and many thousands of loans that we have done, we have seen what customers look like very early on in their lifecycle based on different visa statuses, based on what they are doing in the U.S., and so forth.”; the company is one of a handful helping this segment of the population and is trying to do everything they can to help customers during the current pandemic. American Banker
