FinTech News
Account Connectity API Method Raises $41.5 Million
A FinTech that helps connect more than 30 million consumer accounts has raised a new found of funding.
About the round:
This week, Method Financial announced that they’d raised $41.5 million. The Series B was led by Emergence Capital, while Avra and Samsung Next as well as returning investors Andreessen Horowitz, Y-Combinator, and Ardent Venture Partners also participated. To date, the company has now raised a total of $60.5 million, including a $16 million Series A two years ago.
With this latest funding, Method says it plans to accelerate the development of its end-to-end loan refinance automation. It also intends to deepen its card network integration, which it is says will unlock new possibilities.
Method is an API that offers real-time read-write financial connectivity. Currently, the tool is used by more than 60 FinTechs and lenders, including the likes of SoFi, Aven, Bilt, and Happy Money among others. The service also integrates with over 15,000 financial institutions. According to the company, more than 30 million credentialless account connections have been enabled via its API, serving more than four million individuals.
What they’re saying:
In an announcement about the new funding, Method’s co-founder and CEO Jose Bethancourt stated, “Our latest round of funding will help us build on Method’s already strong growth trajectory. Our team takes immense pride in supporting millions of Americans on their financial journeys while helping lenders and fintechs increase conversion with better user experience and engagement.”
Bethancourt added, “As we serve new markets with our growing data and payment capabilities, we are thrilled to collaborate with Emergence and Avra, as well as our existing investors, including Andreessen Horowitz, YC, and other leading stakeholders in FinTech.”
Meanwhile, Emergence Capital partner Carlotta Siniscalco said of the firm’s investment, “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. We are excited to support Method as they empower consumers and transform the Fintech landscape.”
My thoughts:
I had never heard of Method until today — and yet their platform is apparently behind the scenes of some major FinTech services I personally use, including SoFi and Bilt. For example, their site explains that Bilt utilizes the tool in order to allow customers like me to connect their cards to the Bilt Rewards platform in order to earn points. Sure enough, look in the terms and conditions for Bilt Wallet, it does state that Method is used for payment card linking. The more you know!
To me, this latest round from Method once again highlights how behind-the-scenes FinTech operations continue to be a hot trend. Even if they may not have the name recognition of consumer-facing startups or even other APIs such as Plaid, these tools can become valuable companies in their own right. With that in mind, now that I am aware of Method, they’re one FinTech I’ll be keeping an eye on going forward.
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