Financial connectivity fintech Method raises $41.5m Series B
US-based fintech Method Financial, which specialises in consumer-permissioned financial connectivity, has raised $41.5 million via a Series B funding round led by Emergence Capital.
Samsung Next and growth programme Avra supported the round alongside existing investors Andreessen Horowitz, Y-Combinator and Ardent Venture Partners.
Founded in 2021, Method provides financial infrastructure that enables lenders, fintechs and other financial institutions to access consumer liability data and make payments into consumer accounts.
The start-up claims its APIs leverage integrations with over 15,000 financial institutions to support real-time data streaming, while the use of identity-based authentication provides “a near frictionless experience and 15-30% conversion boost”.
There are currently 60 lenders subscribed to Method’s offering, including SoFi, Figure, Aven, Happy Money and Bilt Rewards, with Method said to have facilitated around 30 million passwordless account connections and over $500 million in liability repayments to date.
Method’s latest cash injection follows a $16 million Series A closed in 2023 and led by Andreessen Horowitz, and brings the company’s total funding to $60 million.
With the Series B, the start-up plans to “accelerate its delivery of end-to-end loan refinance automation and expand into use cases unlocked by deeper card network integrations”, according to a statement.
This proposed expansion into credit card and network transaction data will seek to “deliver more competitive financial products… and make digital engagement solutions more rewarding”, the statement continues.
In a blog post, Method CEO and co-founder Jose Bethancourt states that the company has “a series of announcements coming up”, with “new tools” expected to be introduced.