Method, an Austin, TX-based maker of an API that allows fintech developers to embed repayment, balance transfers and bill pay automation into their apps, closed a $16m Series A funding.
The round was led by Andreessen Horowitz, with participation from Truist Ventures, Y Combinator, Abstract Ventures, SV Angel and others.
The company intends to use the funds for product development and growth of the headcount to 28 by the end of 2023.
Launched in 2021 by Jose Bethancourt, Mit Shah, and Marco del Carmen, Method makes it easy for developers to embed loan repayment, data, balance transfers, and bill pay automation into their apps. With a single API, developers enable users to view their debts and pay off those debts — all the user needs to provide is their phone number. Method uses solutions provided by telecom providers, credit bureaus, and banking cores for real-time identity verification, authentication, and retrieval of financial data. Since launching in late 2021, Method has worked with 35 customers, connected $2Bn+ in consumer debt, and processed $50M+ in debt and bill payments.
The company had raised a $2.5m seed round backed by Y Combinator, Ardent, Live Oak VP, and Leonis Capital.
FinSMEs
23/01/2023