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Our story dates back to the summer of 2019 when we discovered the massive hurdles interfacing with users’ student loans. We dug deeper and learned that there is a systemic data and payment access problem across all types of liabilities. Ultimately, this has hurt millions of lower-income and under-online banked consumers to access a wide range of use cases that can help them holistically manage and improve their financial wellbeing.
In late 2021, we set out to reduce the inequality gap by providing consumers with more competitive and affordable credit, as well as to empower consumers to better manage their liabilities in one place, by using cutting-edge tools that have historically been reserved only for financial professionals.
We aimed to achieve the consumer credit access that was envisioned in the 2010 Dodd-Frank Act. As a result, we built a suite of consumer-permissioned debt repayment tools that more easily empower consumers to see and service their liabilities across a broad spectrum of debts. Our technology solutions enable consumers to retrieve and share real-time data on all debt accounts, even for individuals that are not online-banked.
Today, I’m excited to announce that we have raised a $16M Series A led by Anish Acharya from Andreessen Horowitz joined by Truist Ventures, SV Angel, Abstract Ventures, and many fintech operators. We are also grateful to our seed investors: Y Combinator, Ardent, Cameron Ventures, and Leonis Capital who participated in this round as well. This funding will allow us to grow our team and accelerate our mission.
Method has made a genuine technological breakthrough with its debt repayment API. The vision of automating a consumer's balance sheet will now become a reality. - Anish Acharya, General Partner at Andreessen Horowitz
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Our Journey to Series A
While building Method, our focus has been on delighting our customers and their end-users. To accomplish at scale, we have forged unique partnerships with wireless carriers, credit bureaus, and banking systems of record to leverage their cutting edge tools for real-time identity verification, authentication, and retrieval of financial data.
Since our launch in early 2022, 45 customers, including banks, credit unions, and personal finance management apps, have entrusted us with helping 100k+ end-users connect $2B+ in consumer debt, and process $50M+ in debt and bill payments.
Our Series A will allow us to double-down on our mission and build upon Method’s core technology that allows our customers to retrieve and pay all of a user's liabilities using just their phone number. 2023 will bring the next generation of liability experiences within Method. We are starting off by announcing the private beta launch of Method’s Transaction API & Instant Payments!
We’ve been beta testing these capabilities with select customers and have seen an overwhelming positive response from their end-users. These capabilities allow our customers to help consumers manage their finances in real-time by delivering insights and actions instantly. We cannot wait to see all the use-cases this technology will unlock.
Truist aims to create more delightful digital interaction between our bank and clients, and Method’s APIs have promise to inject much needed transparency into debt management for borrowers and lenders. - Christina Bechhold Russ, Head of Strategic Initiatives for Truist Ventures
We’re just getting started
Our team is looking forward to launching new experiences and products that support our partners in tackling the consumer debt crisis and making personal finance more autonomous – our Series A funding will only allow us to accelerate our mission.
On behalf of the entire Method team, thank you to our partners, advisors, and investors for your continued support. This couldn’t have been possible without your belief in our vision and dedication to our success. If our mission resonates with you, then you should consider joining our fast-growing, tight-knit team.
