If you're building a product that requires customers to link their financial accounts, you might integrate a financial data aggregator (such as Plaid, Truelayer, or Finicity) to connect with your user's bank account. You’ll probably then experience the following issues: customers unable to use your product because their financial institution is not supported (e.g., credit unions, local or community banks); frequent disconnections; API errors; and high drop-offs during the bank linking flow.
We spent 2.5 years developing YSplit, a fintech app providing joint spending cards for couples. Users linked their bank accounts for spend limits but faced issues with unsupported banks and frequent disconnections. We looked at other apps and saw that the ideal solution was to rely on multiple aggregators, but it wasn’t the right use of engineering resources for that startup. Upon pivoting from YSplit, though, we decided to go back to that problem and address it.
We provide a UI component for React, React Native, Flutter, iOS & Android native to facilitate bank account linkage within your app. When a user taps on an institution, we use a time series model to identify the most optimal aggregator to show based on historical success rates and disconnection as well as downtime. After linkage, we provide a Fuse access token for querying balance, transactions, and more via our unified API, offering a consistent model irrespective of the aggregator.
We also provide other products to translate historical bank data into consumer/business credit risk to help you answer questions like: How much credit can I feel comfortable offering this user or company? Is a user likely to pay me on time? Can I offer instant ACH to this customer?
By combining aggregators, you gain from their diverse connection methods, favoring APIs over screen scraping. Our customers have cut disconnections by 16%, increased coverage by 5k institutions in the US, and boosted conversions by 20% with Fuse. Moreover, we support aggregators in Africa, Europe, South America, Australia, and Asia, enabling global product expansion with a single API.
We don't store personal info and only act as a pass-through. We are currently undergoing SOC 2 II audit and can provide engagement letters for anyone looking to go to production.
We have a self-serve onboarding https://dashboard.letsfuse.com to get sandbox keys. Our docs are available here https://docs.letsfuse.com. We’d love for you to try it and give us feedback on improvements to the product and docs. If you have any feature requests or any aggregators you’d like us to support, let us know.
by Andrey
Azimov