Method Financial has raised $41.5 million in Series B funding for its consumer-permissioned financial connectivity technology for fintech lenders.
Method's API's give firms real-time, read-write, and frictionless access to consumer liability data with integrated payment rails. The firm has integrations with more than 15,000 financial institutions to stream up-to-date, high fidelity data from users’ accounts and to facilitate payment to them.
Instead of usernames and passwords, it uses identity-based authentication and consumer consent to make it easy for fintechs to build repayments into their platforms.
Method powers more than 60 lenders, including SoFi, Figure, Aven, Happy Money, and Bilt Rewards. Since launch, it has enabled 30 million passwordless account connections for four million consumers and facilitated over $500 million in liability repayments.
The company has recently added a credit card connectivity offering and plans to use the latest funding to move into new use cases and deepen its banking relationships.
The round was led by Emergence Capital with participation from avra, Samsung Next, Andreessen Horowitz, Y-Combinator and Ardent Venture Partners.
“Method is revolutionizing financial management by providing real-time, comprehensive views of consumer debts, essential for making informed financial decisions. Their innovative solutions seamlessly integrate with financial platforms, enhancing the user experience and driving engagement,” says Carlotta Siniscalco, partner at Emergence Capital.