Developers of fintech applications often face significant hurdles in integrating essential features like repayment and bill pay due to unreliable APIs and data processing methods. This inspired entrepreneurs Jose Bethancourt, Marco del Carmen, and Mit Shah to create Method, which simplifies these processes for developers. Utilizing the 2010 Dodd-Frank Act's consumer credit protections, Method aggregates users' debts and manages transactions through a secure API, requiring only a phone number for users. Since its stealth launch in 2021, Method has connected with 30 million accounts and processed over $500 million in repayments while adhering to strict data privacy standards.
It can be challenging for developers of fintech apps to integrate repayment, balance transfer, and bill pay functionality.
Method works by leveraging consumer credit access protections enacted into law as part of the 2010 Dodd-Frank Act.
Method has facilitated over $500 million in liability repayments to date.
But Shah claims that Method collects only "minimum user information" and doesn't sell data to third parties.
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