It may be difficult for the developer of the FinTech app to integrate repayments, balance, and bill payments. Developers often need to process the vulnerable screen scraping API patchwork to extract data from the user’s financial institution. Even worse, you must also process tools to handle piles and documents.
Three friends and entrepreneurs, Jose Besancort, Marco del Carmen, and Mitt Shah, to TechCrunch, especially for small Fintech teams, inhibitions may break the transaction. I talked. In order to overcome them and to help others can do the same, they have launched Method, a platform that enhances debt and debt repayment in the FinTech application.
“Jose and Marco have directly experienced the task of connecting financial accounts when establishing the first company GradJoy, which is a startup supported by Y Combinator,” said Shah. “Gradjoy was aiming to simplify student loan management, but Jose and Marco immediately noticed the limit of the existing account connection system.”
This method works by utilizing consumer credit access, which was enacted as a part of the 2010 Dodd Frank Act. METHOD uses identification data from a credit investigation organization or telecommunications company to combine it with data from a core banking system, to collect individual debt, transfer the balance, pay invoice, and repay. It can be executed instead.
FinTech developers can use the Method API to incorporate technology into the app. All you need to do is enter the phone number.
Method, which appeared in Stealth in 2021, is currently supporting 4 million users with more than 30 million account connections, promoting more than $ 500 million liabilities.
This method processes many confidential data, so some users may suspend. However, Shah claims that the method collects only “minimal user information” and does not sell data to third parties. The company also plans to launch a portal that can log in and manage data shared with Method customers.
Method competes with major vendors such as Plaid, MX, SpinWheel, and Dwolla. However, many of these rely on systems that require users to input financial account qualifications, which could be a friction point.
“The method is a million American financial journey, with financial and Fintech, such as Sofi, Aven, Happy Money, and Figure, to improve user experience and engagement and increase conversions. We support you, “said Shah. “Consumers do not need to re -authenticate to different accounts many times, and if the method gets consumer debt, they can use the method payment rail to pay those debt.”
This method has recently added credit card support. This supports the BILT credit card link tool, and BILT customers can connect the card and receive points by purchasing the target purchase. In the near future, methods will deepen their relationships with banks and integrate credit card networks for retail and travel customers.
“Many shoppers are reluctant to save card details and don’t like to spend time,” says Shah. “In this method, simply entering the name and phone number will present the current credit card wallet (including all the valid credit cards you own). Using Method solutions. The seller has a great influence on check -out experiences, fully visualizing the wallet, and allows you to better understand the customers and cards. “
In order to provide funds to the growth of this product, the METHOD of 35 employees in Austin will have the participation of Avra Capital, Samsung Next, Y Combinator and Ardent Series led by Ital We procured $ 41.5 million in B round. With new cash, the company’s total procurement is about $ 60 million.