Fintech Friday: Argyle – allowing employees to control their own data
Shmulik Fishman, Argyle CEO and cofounder, spoke with Efma’s Boris Plantier about how his company is maximizing the personal value of every worker's data.
What led to the creation of Argyle?
Billy Marsden and I started Argyle based on a need we, the co-founders, experienced personally. While running Stratim together from 2014 to 2018, we continuously processed several repetitive tasks and forms related to employee data. As a fleet logistics company, we onboarded an average of 1,000 contractors per month, managing the same types of applications each time. These applications and employment data were not unique to fleet management. Instead, the activity reflects an accurate representation of a changing, more flexible global workforce across industries. And consumers’ financial services are directly impacted whether people are trying to rent a house, get a loan, open a credit card, or apply for other financial services. This led to the creation of Argyle, which started with an autocomplete service to prevent people and their employers from entering repetitive employment information that already exists in a system.
Could you present Argyle's offer?
One great way to get a sense of what Argyle is building and the market we address is to look through our public funding memo. Argyle recently closed a $20M Series A round of equity funding. This public memo, all done in Notion, provides the same information those investors used to help make their decisions to invest.
Essentially, Argyle is rebuilding how people access employment records to make them more secure, useful, and universally accessible, based on a user-consent based model. Through Argyle's access gateway available via web interface or API, any business can process income and work verifications, gain real-time transparency into earnings, and view and update worker profile details all with the consent and permission of the user. Similar to how Plaid changed the fintech industry by opening up access to financial institutions, Argyle is doing the same with employee databases. Argyle builds the underlying infrastructure that connects to every employer, maintains a live data feed to the systems these employers use to manage employment records and provides a normalized data set so that businesses can make use of employment data in a simple yet impactful way. By removing the barriers between workers, employment records, and the companies who want to access those records, Argyle has reimagined how industries can use employment data.
What's coming next for Argyle?
Last year, over 8 million companies paid other people. Currently, Argyle has maximum coverage in the market when it comes to payroll processors and access to company payroll data. However, Argyle is committed to providing complete coverage and access across all systems to become the universal solution accessible for everyone and will continue to build until then, innovating our API to always serve our user.
In the pursuit to make the solution accessible for everyone, this also means Argyle needs to be able to cater to different types of individual employment statuses. As the ubiquity of smartphones and flexible or "gig-work" have spurred a global shift in working habits, and more individuals adopt multiple employers at once over shorter job durations, Argyle offers a solution that allows these individuals' work histories to be aggregated and to include them in a financial system historically limited to salaried employees. By completing a picture of an individual's career to assist in underwriting risk, issuing credit, and providing services, Argyle is leveraging authentication to develop the future of work.