Alchemy FinTech lending platform and Argyle, workforce data infrastructure company, are today announcing a definitive partnership to build new and unique fintech verticals to serve non-traditional and gig economy based FinTech Lenders.
Argyle is an industry first data infrastructure tool that connects to a network of workforce platforms in areas of Rideshare, Delivery, Service, Professional and Hourly based apps similar to Plaid with banks and financial institutions.
Argyle’s client API’s can instantly identify workforce data including (but not limited to) a worker’s identity data, location history, scheduling, length of work, earnings, ratings and bonuses. These attributes are at the heart of the Alchemy and Argyle partnership to enable insurers, lenders, banks and benefits fintech companies to launch new products for the $1.4 Trillion dollar market.
By 2027, 50% of all U.S. workers will participate in freelance and gig economy in some capacity according to Morgan Stanley, “The Gig Economy Goes Global, 2018”.
With Alchemy’s heavy lending and banking experience and Argyle’s connected data services to many of today’s popular flexible work and gig economy apps, we are calling for FinTech entrepreneurs to work with us to launch new products, ideas for the next wave of FinTech solutions.
FinTech Ideas with Alchemy and Argyle
Uber & Lyft Lending and Payroll Advance: Imagine that a new FinTech lender could have instant, consent-based access to an Uber driver’s driving history, earnings and ratings, in combination with spending and credit data. Underwriting Uber and Lyft drivers would be so much easier and more accurate with this data asset. Providing payroll advance products for this user base would instantly give you access to 3-5 million drivers in 65 countries!
Shared Risk or Peer to Peer Insurance: Fintech insurance companies can now explore new insurance models such as peer to peer insurance. Imagine the ability to underwrite a fellow driver or a subset of drivers for clean-up, damage, or personal safety insurance by ingesting source-based driving habits, earnings, ratings, and more.
Benefits FinTech Platforms: The ability to access a mountain of data on non-traditional and gig economy workers can help benefits related fintech platforms to better target health, safety, home, renters and other types of insurance to millions of workers instantly. These underserved workers will become instantly visible to FinTech players in this space via Alchemy/Argyle integration. The opportunities are limitless.
Gig Economy Banking: While workers are busy navigating client requests or driving on the road, banking and financial services must be as flexible as they are. With the advent of businesses such as Chime and Varo Mobile Bank, an integration with Alchemy and Argyle to better understand credit, debit, employment and work history enables these new mobile banks to more efficiently underwrite, monitor, and serve non-traditional and contingent workers.
“Working with Argyle and their engineering team is refreshing. Building new classes of FinTech products for our clients has always been our vision. We are constantly looking for new solutions providers to help our clients to expand and grow and this partnership really takes the top prize. Argyle is different in that they provide a unique set of data and connectivity that’s never been done before while solving for major gaps in the current fintech environment.” – Timothy Li, Founder of Alchemy.
“Argyle is at the forefront of making workforce data accessible for millions of workers. We are exploring opportunities in a variety of industry verticals and FinTech is definitely a core sector we are focusing in. Having a team at Alchemy that really understands our vision is key to this partnership. As we grow the Argyle Data Network in the near future, we hope to build more channels and products with Alchemy.”
Argyle provides the infrastructure for businesses and end-users alike to access workforce data. Applications leveraging Argyle can allow their end-users to credential into their work accounts securely, providing source-based data for more efficient underwriting, monitoring, and a tailored user experience.
About Alchemy Technology, Inc.
Alchemy Technology Inc. is industry-first lending as a service company offering our of the box technology, algorithms and servicing to launch FinTech products for FinTech startups, specialty financing companies and Banks alike. Our vertical workflow specializes in Student Lending and Home Improvement spaces. Our technology offering includes website / mobile app, loan origination system, decision engine, loan management system, payment gateways, and secondary market access.