Payroll data platform Teal has raised £1.4 million in pre-Seed funding led by Passion Capital.
Founded in London, Teal provides real-time payroll data to lenders to help with credit decisioning.
Michael Hart, CEO and Co-founder of Teal, says: “Traditional credit scoring is broken, relying too heavily on outdated processes that fail to deliver for lenders or borrowers. By being able to securely and accurately share income data, users can unlock access to credit that works for them.”
Teal is partnering with payroll and HCM providers to deliver reliable, real-time income data to lenders, helping to streamline underwriting and perform ongoing income and employment checks. The firm says its modular API architecture ensures faster integration and adaptability, making it easier for lenders to customise Teal to their existing workflows.
Teal plans to expand its data infrastructure beyond payroll to incorporate additional income and financial sources, enabling a more complete and consistent view of each borrower. The company is developing tools to support the full credit lifecycle - from origination to repayment - and employing AI-driven automation to drive smarter decision-making.
Will Orde, partner at Passion Capital, says: “Teal’s payroll infrastructure is laying the foundation for a new wave of fintech products, powered by source-level payroll data. It is exactly what the credit ecosystem needs right now, and we are excited to back another great company from the UK's thriving fintech scene."