Peach aims to rewrite credit by creating personalized, step-by-step plans to help the millions of financially burdened Americans who are looking to climb out of debt. While the vision was clear, the team faced a myriad of challenges regarding data collection to power the app. By partnering with Method, Peach has connected more than 55k accounts, delivering a transparent view into debt management and providing step-by-step repayment strategies to help users become debt-free.
We were looking to urgently offer solutions to debt-burdened consumers, and Method's capabilities allowed us to get our product to market in less than two weeks.
- Puneet Thiara, Co-Founder, Peach
Peach sought a solution to connect all of a user’s liabilities via one dashboard, enabling custom strategies for debt elimination. Key account details – balance, payoff amounts, monthly payments, APRs, and more – were needed to ensure the Peach AI engine had enough accurate, real-time information to create customized payoff strategies. In addition, Peach needed a solution to facilitate electronic payoffs directly in the app, further streamlining the debt management journey for their users.
Method met with Peach in the early stages of development to evaluate needs and provide guidance on integration tactics to ensure a timely, seamless launch. By embedding Method’s APIs, Peach could fill the gaps in their data sourcing to create a full-service debt consolidation and payment platform, complete with on-going soft credit checks for users.The Method Liabilities Connect API provides Peach users access to accurate, real-time data across their debt stack, eliminating the need to authenticate to individual accounts. Peach then leveraged Method’s Liability Payment API to enable users to make automatic payments directly in the app to more than 15,000 financial institutions.
Benefits for Peach Users
Method and Peach teams collaborated closely on implementation of the APIs. This partnership addressed data gaps, creating a comprehensive debt consolidation and payment hub, bolstered by ongoing soft credit checks to further gauge financial health of users.
- Peach Payoff Planner: Users gain a full view of their liabilities and access a custom-built plan that looks to save them money and lower the total interest being paid across loans.
- Payment Reminders: Peach users are alerted when payments are due to ensure they never miss a payment and stay up to date on progress, enabling them to track their journey without the headache and stress of using spreadsheets and/or needing to access multiple accounts.
- Credit Score Monitoring: Method provides real-time soft credit score data, enabling Peach to create Credit Score notifications. By digesting the data, the app then provides AI-driven advice on how a user can improve their credit score quickly and efficiently.
- Debt-free Calculator: The calculator showcases how small changes in monthly payment plans can impact savings and debt management.
Since launching with Method in October 2022, Peach has connected more than 55k accounts, and $125m worth of debt across 5.6k users.
Together, Peach and Method aim to help tackle the consumer debt burden by delivering real-time insights, transparency and innovative debt-management tools into the hands of consumers.
Peach is a pre-seed fintech company that's rewriting credit and fighting the debt crisis for the 106M Americans who are looking to climb out of debt. They provide financial resources for people to design repayment strategies and accelerate their debt-free date. Peach is founded by Google, Meta, and Morgan Stanley alums, and is backed by Brickyard, Dorm Room Fund, and Techstars Ventures.
About Method Financial
Method Financial empowers real-time data and payment access for consumer liabilities. Using a consumer’s PII, Method can securely connect all of a user’s liabilities, retrieve comprehensive data, and enable payment access. Method’s industry-backed network allows lenders, fintechs, and financial institutions to build personalized lending and financial management experiences supported by comprehensive real-time credit data, evergreen connections and integrated payment rails. Method powers access to liabilities held at over 15,000+ FIs in the US, covering 95% of all outstanding consumer debt.