JG Wentworth acquires Fintech Lending Platform from Stilt Inc.
JG Wentworth Acquires Silicon Valley Fintech Digital Consumer Lending Platform Accelerating Entry into Consumer Lending
CHESTERBROOK, Pa., 5 December 2022 /PRNewswire/ — JG Wentworth is pleased to announce that it has acquired the digital lending platform from Stilt Inc., a San Francisco-based fintech and personal loan lender. Stilt was backed by leading venture capital firms, raised 322 million dollars in debt and equity to build a powerful end-to-end digital lending and servicing platform. The acquisition combines JG Wentworth’s nationally recognized brand with a state-of-the-art fintech platform, accelerating its entry into the consumer lending space and supporting its mission to provide financial solutions for millions of everyday Americans looking to improve their situation.
The acquisition adds to Stilt’s robust and proprietary data set with above 5 billion dollars in loan applications and more than 2.5 million banking transactions to JG Wentworth’s existing database of over 25 years of customer engagements – all of which will drive deep data analytics providing superior risk insights into consumer behaviour. The acquisition also enables JG Wentworth to offer customers a hybrid loan origination model that ranges from a fully digital, fully automated experience to the more personalized customer service capabilities of JG Wentworth’s National Call Center, allowing consumers to choose the user experience that works best for them. . JG Wentworth expects to start lending in the first half of 2023.
“We are excited about this new direction for JG Wentworth and the opportunities it opens up in our mission to become the leading provider of financial solutions that help everyday Americans,” said Randy Sellari, CEO of JG Wentworth. “The Stylt platform will provide industry-leading digital capabilities to JG Wentworth’s clients with a user-friendly experience and fast underwriting decisions. We are now uniquely positioned to offer products that meet the personal finance needs of millions of our clients.”
“This exciting acquisition and our entry into the consumer lending space will allow us to offer more products to the many customers who already work with JG Wentworth on a daily basis. Stilt’s digital platform will allow our customers to interact through a mobile app, our website, by telephone. or a combination of these options The Stilt acquisition also provides unique historical customer credit data to JG Wentworth’s data analytics team which, through robust data analysis and credit modeling, will help us make better underwriting decisions that will provide our investors with a strong risk-adjusted return,” said Joseph Tomspresident and Chief Strategy Officer of JG Wentworth.
“JG Wentworth’s strong brand recognition and its unique position among consumers provides a powerful customer acquisition engine. With Stilt’s complementary digital platform, and proprietary consumer credit data, the Stilt team is excited to be part of JG Wentworth and help launch its lending business.” noted Rohit MittalCEO of Stilt Inc. and now SVP of Lending at JG Wentworth.
About JG Wentworth
JG Wentworth is a consumer financial services company operated by more than 550 employees nationwide committed to delivering personalized financial solutions that meet the needs of everyday America. Current product offerings include the purchase of structured settlement payments, the purchase of annuity payments, the purchase of lottery and casino payments and debt settlement services. In 2023, JG Wentworth will start its lending business with a focus on debt consolidation. JG Wentworth was founded in 1991 and has offices in Chesterbrook, Pennsylvania and in Silicon Valley.
About Stilt Inc.
Stilt was built to democratize access to transparent credit products for the millions currently shut out of the financial system, such as immigrants, international students, DACA and visa holders. Founded by immigrants on visas, Stilt has lent to people from more than 150 countries around the world.
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SOURCE JG Wentworth
