May 8, 2020

Banks get another new challenger, this one catering to immigrants

Stilt, a fintech that has been providing unsecured personal loans to immigrants, this week launched a bank account for newcomers to the U.S. It will even open accounts for immigrants before they move to this country.

It joins a small group of challenger banks for immigrants. Most of them, in conjunction with banking partners, offer federally insured accounts and a debit card. There are others, like TomoCredit and Petal, that offer credit cards to new arrivals and others who lack credit scores.

Stilt is working with Synapse, a fintech that provides provides payment, deposit, lending and investment products through application programming interfaces to financial technology companies, which in turn launch consumer-facing financial services. Synapse partners with Evolve Bank & Trust, whose parent company is based in Memphis, Tenn., to deliver those banking services to Stilt and others.

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