February 2019 Summaries

Esusu, a fintech company founded by Samir Goel and Abbey Wemimo, aims to promote financial stability for underserved communities such as low-to-middle-income and immigrant Americans. The company utilizes Plaid Auth to digitize accessibility in service of marginalized populations. Esusu's model is inspired by traditional cooperative savings and lending practices from various cultures around the world, offering an alternative pathway to financial stability for those who struggle with cash flow management, saving, or building good credit.

Plaid has upgraded its Auth product to support authentication from over 11,500 banks and credit unions in the U.S., enabling developers to authenticate accounts from any institution with a fast, simple, and user-friendly experience. The new feature uses Plaid's login module for seamless account verification and intelligently guides users to the best method for authentication based on their financial institution. For institutions that support Plaid's Transactions product, instant authentication is possible using account and routing numbers, while for smaller banks or credit unions, manual micro-deposits offer a faster alternative. The new features have been positively received by beta participants, who report improved user experience and reduced friction in linking bank accounts.