Teal, a payroll data platform based in London, has successfully secured £1.4 million in pre-Seed funding, led by Passion Capital.
Teal specializes in providing lenders with real-time payroll data to enhance credit decision-making. Michael Hart, CEO and Co-founder, emphasizes the limitations of traditional credit scoring, which relies on outdated methods. He believes that by securely sharing income data, users can gain better access to appropriate credit solutions.
The company collaborates with payroll and human capital management (HCM) providers to supply accurate, real-time income data. This partnership facilitates streamlined underwriting processes and enables ongoing income and employment verification. Teal’s modular API architecture further aids in quick integration, allowing lenders to customize the platform to fit their workflows.
Teal also aims to expand its data capabilities beyond payroll, incorporating various income and financial sources for a more comprehensive view of borrowers. The company is focused on developing tools that support the entire credit lifecycle, from origination to repayment, utilizing AI-driven automation to enhance decision-making.
Will Orde, partner at Passion Capital, remarks on Teal’s potential, highlighting its payroll infrastructure as a catalyst for a new generation of fintech products driven by direct payroll data, which is essential for the current credit ecosystem.