Navigating debt, balance transfers, and bill payments can be a daunting task for fintech application developers. Founders Jose Bethancourt, Marco del Carmen, and Mit Shah are tackling this challenge with their fintech platform, Method, which enhances third-party apps with debt and repayment features.
The three entrepreneurs identified significant hurdles in financial account connectivity, particularly for smaller teams. These challenges inspired the creation of Method, a platform that unlocks organic debt management within fintech applications.
Method taps into the Dodd-Frank Act to collect data from legal channels such as credit bureaus, telecom companies, and bank systems. This information streamlines balance transfers, bill payments, and payoffs within applications, enhancing the user experience by initiating transactions via a phone number.
Since its launch from stealth in 2021, Method has facilitated over $500 million in liability repayments and reached over 30 million account connections for 4 million users. The company maintains robust data protection practices, accumulating only minimal user information and abstaining from third-party data sales.
Fintech giants like Plaid, MX, Spinwheel, and Dwolla pose competition for Method. However, their reliance on intrusive account credential requests can repel users—an issue Method averts.
Method’s valuable partnerships with fintech firms such as SoFi, Aven, Happy Money, and Figure expedites users’ financial journeys while improving lender conversion through superior user engagements. The system simplifies multifold account authentication and provides a painless medium for users to manage liabilities.
The Austin-based startup recently added credit card support boosting Bilt’s credit card connecting tool: Bilt users can gain points on eligible purchases through card connections. Method aims to roll out more banking relationships and credit card connectivity options, catering to the retail and travel sectors.
Method’s recent progress was propelled by a $41.5 million Series B funding round, pushing the firm’s total funding past $60 million. The new capital bolsters Method’s mission of simplifying the fintech space with efficient debt and repayment management capabilities.
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