Israeli fintech company CreditStacks has raised $10 million in a financing round led by Strathmore Group and with the participation of previous investors 500 Startups, Clear Future and Off the Grid Ventures and financial entrepreneurs including Saar Wilf. The company, which has developed services for issuing credit cards, has raised $18 million to date. The company has also raised $100 million in debt from WebBank for financing credit for customers,
CreditStacks was founded in 2015 by CEO Elnor Rozenrot, CTO Shahar Nechmad, chief risk officer Jonathan Jacobi, and American banker Bob Hartheimer (chief regulatory officer). The company has 33 employees of whom 16 are in Israel where the development operations are located. The company plans raising more debt of $100-150 million in the coming year.
The company works with groups of US immigrants and the human resources departments of companies that bring immigrant workers like Google and relocation firms. After a limited pilot program in recent years, the company has now begun offering credit cards to the broader public through digital services that allow relocation employees to receive credit cards from their first day in the US with a high credit framework and without the need to show a credit history in the US. The service is also suitable for US students starting out in life and who do not yet have a credit rating.