NewTech Friday: Mistho - Offering open payroll API for Europe
Maximilian Czymoch is the Co-Founder and CEO of British fintech Mistho.io. He tells us how they enable consumers to easily access and securely share their employment and payroll data with counterparties such as banks, insurers and lenders at the click of a button.
Maximilian Czymoch is the Co-Founder and CEO of British fintech Mistho.io. He tells us how they enable consumers to easily access and securely share their employment and payroll data with counterparties such as banks, insurers and lenders at the click of a button.
What led to the creation of Mistho?
Before Mistho I built a subscription startup for electric bikes and scooters. As part of the service we had to build an underwriting process for our end-consumers and I learned a lot about fraud in all its different varieties. In particular, confirming income and employment was a key challenge for us and despite our efforts it still carried the biggest risk, as we had no 100% reliable way to confirm these details. As a result, we had to build fraud costs into our pricing. Now with Mistho I'm fixing this problem, building a 100% reliable user-permissioned format for income and employment verification.
Could you present Mistho's offer?
Mistho offers the first open payroll API for Europe that enables consumers to easily access and securely share their employment and payroll data with counterparties such as banks, insurers and lenders at the click of a button.
Our goal is to build the backend infrastructure for sharing payroll information and to help businesses offer the best consumer experience across the fintech industry. We allow businesses to easily integrate the Mistho flow seamlessly into their existing customer journeys to verify end-user income without disrupting the user experience.
Remember the last time you sought to rent a flat, lease a car, or applied for a mortgage or loan? During the process, you were asked to share your prior payslips with the lender. You probably had to manually find the necessary payslips and upload them to a platform, or send them via e-mail. In some cases, you might even have needed to submit a request to your HR department for help. Mistho helps precisely here – by offering a digitally embedded income verification solution to securely transmit your income data including the payslips without a pause in your application process.
What's coming next for Mistho?
Our next months are purely focused on further improving our coverage (the share of the UK population we cover) by building out integrations that can enable additional parts of the population to access financial services, such as the self-employed and lower income segments with less traditional income sources.
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