Hi - do you cover medical debt? I didn't see listed on the site
Launch HN: Method Financial (YC S19) – API to embed debt repayment into your app
11–20 of 31 posts
Re: Launch HN: Method Financial (YC S19) – API to embed debt repayment into your app
#12I'm trying to think of the business use-cases (TAM) where connections to debt repayments is more value-able then the current solution: 1) Personal Finance Manager's like GradJoy/Mint, definitely make sense, where the PFM knows about all my debts and helps me orchestrate payments between them. :) 2) Maybe a gofundme/honeyfund where people can "gift" someone money but it has to go directly to paying down debt? For exam…
#3 is regulated and may be illegal for W-2 employees in the US.
You have to pay people with something as liquid as cash.
Re: Launch HN: Method Financial (YC S19) – API to embed debt repayment into your app
#13Very cool! I had a bootstrapped project I worked on for a while to do a very similar thing but yeah, between KYC/Money Transmitter licenses and having to send physical checks in the mail we shuttered the project and moved on to other things. I hate that we need companies like this or plaid to be able to interface with our finances but I'm glad they exist for sure!
Re: Launch HN: Method Financial (YC S19) – API to embed debt repayment into your app
#14Hi - do you cover medical debt? I didn't see listed on the site
We do! We just recently launched it and it's in a private beta stage. If you are interested in the beta, let me know would love to connect!
Re: Launch HN: Method Financial (YC S19) – API to embed debt repayment into your app
#15Re: Launch HN: Method Financial (YC S19) – API to embed debt repayment into your app
#16Very cool! I had a bootstrapped project I worked on for a while to do a very similar thing but yeah, between KYC/Money Transmitter licenses and having to send physical checks in the mail we shuttered the project and moved on to other things. I hate that we need companies like this or plaid to be able to interface with our finances but I'm glad they exist for sure!
I hate that you faced the exact same issues we did. It's definitely a huge pain, especially for startups trying to innovate in the space. Our goal is to make it easier for everybody from solo developers all the way to the huge incumbents to interface with debt.
Re: Launch HN: Method Financial (YC S19) – API to embed debt repayment into your app
#17Re: Launch HN: Method Financial (YC S19) – API to embed debt repayment into your app
#18[deleted]
Re: Launch HN: Method Financial (YC S19) – API to embed debt repayment into your app
#19This is great! Have you thought about moving your offering one step closer to the consumer and providing an app that consolidates all debt and recommends what to pay off first? Possibly even shuffling debt around between high interest and low interest accounts?
Not right now, we are focused on B2B and enabling other developers to build on top of our platform. Our goal is to build the pipes and promote new breed of debt focused fintechs. We are working with some stealth fintechs solving both of the ideas you mentioned!
That's great! Anything that helps people get out of (bad) debt is a step in the right direction.
Re: Launch HN: Method Financial (YC S19) – API to embed debt repayment into your app
#20I'm trying to think of the business use-cases (TAM) where connections to debt repayments is more value-able then the current solution: 1) Personal Finance Manager's like GradJoy/Mint, definitely make sense, where the PFM knows about all my debts and helps me orchestrate payments between them. :) 2) Maybe a gofundme/honeyfund where people can "gift" someone money but it has to go directly to paying down debt? For exam…
#3 is regulated and may be illegal for W-2 employees in the US. You have to pay people with something as liquid as cash.
I could see payroll providers offering it as an option, similar to sending money to retirement plans, post-tax insurance, charitable contributions, etc. I have seen payroll plans that purchase goods either up front or on layaway.