Teal Raises £1.4m to Revolutionize Credit Industry

Teal, a London-based fintech startup, has successfully raised £1.4 million in a pre-seed funding round. The company, which focuses on creating a payroll data platform for the credit industry, aims to tackle issues with traditional credit check processes. Teal offers firms real-time income and employment data, aiming to replace outdated static credit scores and manual payslip checks. The funding round was led by Passion Capital, with participation from ACF Investors, K Fund, and several industry angels, including those from notable fintech companies like Plaid and Checkout.com. Michael Hart, Teal's co-founder and CEO, emphasized the importance of securely and accurately sharing income data to improve access to credit and enhance financial data control. The recent investment is intended to aid Teal in expanding its data infrastructure beyond payroll to provide a comprehensive view of borrowers' financial profiles.