Method Financial has secured $41.5 million in Series B funding to enhance its consumer-permissioned financial connectivity technology designed for fintech lenders.
Method’s APIs offer firms immediate, read-write, and seamless access to consumer liability data, complete with integrated payment rails. The company boasts connections with over 15,000 financial institutions, enabling the streaming of up-to-date, high-fidelity data from users’ accounts, as well as facilitating payments directly to them.
Instead of relying on usernames and passwords, Method employs identity-based authentication coupled with consumer consent, simplifying the integration of repayment processes into fintech platforms.
Currently, Method supports more than 60 lenders, including prominent names like SoFi, Figure, Aven, Happy Money, and Bilt Rewards. Since its inception, the company has facilitated 30 million passwordless account connections for four million consumers and has processed over $500 million in liability repayments.
Recently, Method introduced a credit card connectivity feature and intends to leverage this new funding to explore additional use cases and strengthen its banking partnerships.
The funding round was led by Emergence Capital, with contributions 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,” stated Carlotta Siniscalco, partner at Emergence Capital.