JG Wentworth Acquires Fintech Lending Platform from Stilt Inc.

JG Wentworth acquires a Silicon Valley Fintech digital consumer lending platform accelerating entry into consumer lending

 

CHESTERBROOK, Pa., Dec. 5, 2022

 

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 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 Stilt's robust and proprietary data sets with over $5 billion in loan applications and more than 2.5 million bank transactions to JG Wentworth's existing database of over 25 years of customer engagements – all of which will power deep data analytics providing superior risk insights into consumer behavior. The acquisition also enables JG Wentworth to offer customers a hybrid loan origination model ranging from an all-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 begin originating loans in the first half of 2023.

 

"We're excited about this new direction for JG Wentworth, and the possibilities it unlocks in our mission to become the leading provider of financial solutions that help everyday Americans," said Randi Sellari, CEO of JG Wentworth. "The Stilt platform will provide industry-leading digital capabilities to JG Wentworth's customers with a user-friendly experience and rapid underwriting decisions. We are now uniquely positioned to provide products that meet the personal finance needs of millions of our customers."

 

"This exciting acquisition and our entry into the consumer lending space will allow us to provide more products to the many customers that are already engaging with JG Wentworth daily. Stilt's digital platform will allow our customers to interact through a mobile app, our website, telephonically or a combination of these options. The Stilt acquisition also provides unique historical customer credit data to JG Wentworth's data analytics team that, through robust data analysis and credit modeling, will help us make better underwriting decisions that will provide our investors with strong risk-adjusted returns," said Joseph Toms, President, and Chief Strategy Officer at JG Wentworth.

 

"JG Wentworth's strong brand awareness and its unique position amongst consumers provide 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 Mittal, CEO of Stilt Inc. and now SVP of Lending at JG Wentworth.

 

About JG Wentworth

JG Wentworth is a consumer financial services company powered by more than 550 employees across the country who are committed to delivering personalized financial solutions that meet the needs of everyday Americans. Current product offerings include structured settlement payment purchasing, annuity payment purchasing, lottery and casino payment purchasing, and debt resolution services. In 2023, JG Wentworth will launch its lending business initially focusing on debt consolidation loans. 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 who are currently shut out by 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.

 

Press Contact

Athyunnath Eleti, PR Manager

press@jgwentworth.com

 

 

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Founded in 1991, JG Wentworth is the leader in the structured settlement payment purchasing space. If you have a payment stream from a structured settlement, annuity, lottery, or casino winnings, we can help you turn future payments into a lump sum of cash to use when you need it. For those struggling to overcome debt, JG Wentworth provides personalized debt relief solutions tailored to meet individual financial circumstances.

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