Teal provides a payroll data API platform that delivers real-time income data to lenders for improved credit decisioning. By automating income verification with user consent, Teal helps lenders reduce credit risk and operational costs. The platform enables faster, more accurate credit assessments for consumers.
Funding
$500K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Lenders face challenges in efficiently and accurately verifying borrower income, often relying on manual processes and outdated documentation. This can lead to increased operational costs, higher credit risk, and slower decision-making. The lack of real-time income data hinders dynamic risk assessment throughout the customer lifecycle.
Solution
Teal provides a payroll data API platform that streamlines income verification for lenders, enabling improved credit decisioning through real-time data access. The platform connects to payroll and HR systems, as well as offering payslip analysis, to provide comprehensive income and employment insights with user consent. By automating income checks, Teal reduces the need for manual underwriting, lowers operational costs, and facilitates faster, more accurate credit assessments. Lenders can access granular affordability data, including income, employment history, and identity information, to dynamically assess customer risk and offer fully digital user flows.
Target Audience
Teal's primary customers are lenders, including banks, credit unions, and fintech companies, seeking to automate income verification and improve credit risk assessment.
Features
- API connectivity for accessing real-time income and employment data from payroll sources
- Payslip analysis using LLMs and proprietary models for accurate data extraction and fraud detection
- User-permissioned access to historical payroll data, ensuring GDPR compliance
- Data outputs in JSON, CSV, and ASCII formats for seamless integration into underwriting workflows
- Fraud detection layer to verify document authenticity and identify inconsistencies
- Performance and user dashboards for tracking key metrics and analyzing individual records
- Secure data storage with end-to-end encryption and compliance with data privacy regulations