Method Financial, a provider of consumer permissioned financial connectivity, raised $41.5 million in its latest Series B funding round led by Emergence Capital with participation from avra and Samsung Next, and existing investors Andreessen Horowitz, Y-Combinator and Ardent Venture Partners.
This fundraise brings the total funding to $60 million.
Method powers more than “60 fintech and consumer lending clients, including SoFi, Figure, Aven, Happy Money, and Bilt Rewards.”
Since its launch, Method has enabled 30 million passwordless account connections “for 4 million consumers.”
The company has also facilitated over $500 million in liability repayments, helping customers deliver “competitive lending and financial products and end users save on interest and fees.”
Method’s APIs redefine financial connectivity with real-time, “read-write, and frictionless access to consumer liability data with integrated payment rails.”
Method leverages integrations with more than 15,000 FIs to stream up-to-date, high fidelity data “from users’ accounts and to facilitate payment to them.”
Method’s innovative approach uses identity-based authentication and consumer consent “instead of usernames and passwords for a near frictionless experience and 15-30% conversion boost.”
This latest round of funding enables Method to accelerate its delivery of loan refinance automation and “expand into use cases unlocked by deeper card network integrations.”
Today, Method helps fintechs and lenders increase refinancing revenue by increasing offer personalization, “boosting user engagement through real-time insights, and accelerating line utilization through seamless loan payoffs and balance transfers.”
Method has further seen market demand “for its new credit card connectivity solution, Card Connect, and its transaction-level data, a testament to the composability of its APIs.”
Since launching Method Card Connect for Bilt Rewards, 2 million users have connected 10 million cards in seconds and “can receive points on eligible purchases.”
With the additional capital from the raise, Method plans to deepen its banking relationships to deliver more “competitive financial products and seamless experiences, expand credit card network integrations to streamline checkout, and make digital engagement solutions more rewarding.”
Jose Bethancourt, co-founder and CEO of Method said:
“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. 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.”
