Vola’s mission is to act as a trusted financial partner, helping users stay ahead of their expenses and avoid costly fees by breaking down spending patterns to support better budgeting and smarter ways to save while helping users boost their credit scores.

Leveraging Method's real-time data capabilities, Vola is able to help users meet their loan obligations and improve their credit scores. With Method, we can give users critical financial insights, such as upcoming payment amounts and their true annual cost of borrowing.

– Tushar Bagamane, CEO at Vola

Objective

Vola empowers users—especially those underserved by traditional financial providers—to take control of their finances by addressing key challenges like overdraft fees, predatory loans, and credit invisibility. Through accessible budgeting and expense tracking tools, Vola helps users predict potential cash shortfalls and manage obligations before they arise. Vola provides cash advances as part of a low-cost monthly subscription, with no added interest. This approach has resonated with users, attracting over a million sign-ups, with 30% converting to monthly memberships, a testament to the support Vola provides.

To further their user support, Vola wanted to build out a Loan Dashboard feature, to offer resources to help users navigate debt obligations in real-time, improve their credit scores, and make informed financial decisions for long-term financial well-being. To build this feature, Vola needed a comprehensive view of each user’s loans, including details like outstanding balances, payment dates, and loan terms. This need prompted Vola’s collaboration with Method, leveraging consumer permissioned financial data to enhance these services.

Approach

While many personal finance management (PFM) tools rely on credit reports to provide credit-building insights to users, Vola sought comprehensive, real-time data to power tailored recommendations, as credit reports often lag by as much as 60 days. Vola needed a way to pull real-time liability data, including a user’s income, interest rates, balances, and payment amounts for credit cards, personal loans, student loans, and auto loans. To accomplish this, Vola leverages Method's real-time data connectivity tools.

One auth to connect all liability accounts: Method helps users connect their financial accounts quickly and easily, providing a comprehensive view of all outstanding loans and debts. Method’s innovative approach uses identity-based authentication and consumer consent instead of usernames and passwords for a truly frictionless experience. Users can easily gain real-time access to essential loan details, such as balances, payment due dates, terms, and interest rates, all consolidated in one place. 

Comprehensive view and stable connectivity: Method plays a crucial role in empowering Vola users with a detailed and accurate understanding of their debt obligations through the Loan Dashboard. This clear overview and ongoing connectivity allows Vola users to stay organized and proactive in managing their debt and keeps their true annual cost of borrowing front and center. Users can also track when payments are due and understand how various factors impact their credit health, making it easier to plan their finances and avoid missed payments.

Increased user engagement: By simplifying debt management and increasing transparency, Method enhances the effectiveness of Vola’s Loan Dashboard, ultimately supporting users' journeys toward financial well-being and improved credit scores. Not only does Method’s data connectivity tools help users accomplish their financial goals, it also deepens user engagement with the full suite of Vola’s personal financial tools, even as a user’s goals or financial situation evolves.

Impact of Partnership

In just six months, Vola has experienced remarkable growth with Method, connecting over 20,000 users and 200,000 accounts, achieving a 10X increase in Loan Dashboard users. Users who leverage Method’s data integration with the Loan Dashboard feature spend over 50% longer on the Vola app and open the app approximately 20% more often.

Among its user base, Vola has seen an average credit score improvement of 31 points, driving meaningful advancements in user financial health. In the future, Vola users will be able to manage payments on common recurring bills like credit cards, student loans, and mortgages from within the Loan Dashboard. In-app payment capabilities will allow users to take actions on the unified insights and improve their financial health faster. Thanks to the Method and Vola partnership, users will benefit from debt stack visibility and empowered action – a powerful combination for financial wellness.

About Vola

Vola is dedicated to enhancing financial literacy and inclusion for the underbanked, offering innovative solutions to help users manage their finances more effectively. With a mission to be a trusted financial partner, Vola provides up to $500 in no-interest cash advances to help users avoid overdrafts and cover shortfalls before their bank balance drops too low. The platform offers low-balance alerts, spending tracking, and personalized budgeting tools to help users stay on top of their expenses. For more information, visit volafinance.com.

About Method Financial

Method’s APIs are redefining financial connectivity with real-time, read-write, and frictionless access to all consumer liability data with integrated payment rails. Method helps lenders increase revenue by streamlining customer acquisition, improving underwriting accuracy, and increasing line utilization through balance transfers, all without the need for a consumer’s username and password. Today, Method powers solutions for over 60 fintechs, lenders, and FIs including Aven, Bilt Rewards, SoFi, and Figure. Method is backed by a16z, Abstract Ventures, YC, Truist Ventures, and more.