Overview

Teller provides real-time bank data through an API, allowing developers and businesses to access up-to-date financial information directly from banks. Unlike competitors that use screen scraping, which can be slow and unreliable, Teller connects to banks using real APIs, ensuring faster and more accurate data retrieval. This service is particularly useful for fintech companies and financial institutions that need seamless integration with banking data for their applications. Teller operates on a subscription model, where clients pay for a set number of API calls each month, making it flexible for both small startups and large enterprises. The goal of Teller is to offer a reliable and scalable solution for accessing financial data, helping businesses integrate financial services into their offerings.

Simplify's Take

What believers are saying

• Embedded finance growth increases demand for Teller's API services.
• Open banking regulations align with Teller's direct API approach, expanding market opportunities.
• Rising demand for real-time data highlights the value of Teller's API capabilities.

What critics are saying

• Increased competition from Plaid, expanding its comprehensive financial data solutions.
• Regulatory scrutiny on third-party data access may lead to potential backlash from banks.
• Banks developing proprietary APIs could reduce reliance on third-party providers like Teller.

What makes Teller unique

• Teller uses direct API connections, ensuring faster and more accurate data retrieval.
• Teller's API is highly reliable, addressing issues faced by screen scraping methods.
• Teller offers a scalable subscription model catering to both startups and large enterprises.

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Funding

Total Funding

$3.9M

Above

Industry Average

Funded Over

1 Rounds

Notable Investors:

Founders Fund

Notable Investors:

Founders Fund

$4,000,000

Seed

Feb 2020

Seed funding is usually the first official round after pre-seed, when a startup has a prototype or concept. It’s typically used to develop the product, test the market, and start building the team. Investors here are often angel investors or early-stage venture capitalists.

Seed Funding Comparison

Above Average

Industry standards

Ind Avg. $3.3M

$500k

$1.5M

$2M

$2.3M

$3M

$4M