Making payroll data work harder: A conversation with Teal's CEO, Michael Hart

At Friday, we’re lucky enough to work with some of the most exciting data-driven companies around — and Teal is one of them. For those not steeped in London’s startup scene, Teal connects banks to HR software so they can instantly verify payslips when someone applies for a mortgage. It’s a simple but powerful fix for a problem that’s long frustrated borrowers and lenders alike. Turning data into something that removes friction rather than adds it — that’s exactly the kind of solution we love to champion.

At the helm is Michael Hart, Teal’s CEO (and our favourite German client), who’s building something quietly transformative in the world of financial data. In his own words, Teal is about giving people control — enabling them to share their salary data securely, digitally, and on their own terms.

Emma sat down with Michael to talk about the value of good data governance, why London remains the beating heart of fintech, and what it’s really like building a start-up from the ground up.

ED: For people who aren’t in finance or tech — what the f*** is Teal? How do you explain it at the pub?

MH: The easiest way to relay what we do is talking about someone's most recent credit application. This could be for a mortgage or a credit card, but most people have the same experience - they need to upload their payslips at some stage. When we started Teal, we thought it’s crazy that everyone’s salary is calculated in some program and exists in digital form, but is impossible to share. Teal gives anyone the choice to share their salary securely and fully digitally with their bank (or any other 3rd party), with only a couple clicks.

ED: We’ve been working with you on data governance, can you tell us how you have seen value (rather than just costs) of this work?

MH: In our industry, a lot comes down to trust. We wanted to make sure that our partners understand that we take data governance seriously. “Data is the new oil” is a common phrase people use, but the same way you can't just start drilling, we need to make sure the right guardrails for data are in place. It has helped us to unlock deals and prove value quick.

ED: A lot of what Teal does is about using data in smarter ways. Can you give us a simple, real-world example of how data can be turned into something that creates real value?

MH: First of all, it's important to understand where the data comes from and who wants to access the data. We share and consume data almost 24/7 now, in various forms. Any transaction requires data and value for consumers is created when it is easy to share their data with whoever they need to share it with! 

A simple example: your next employer wants to make sure your CV checks out and now they can access the ground truth of that data. They don’t have to call up your HR department anymore and wait days for an answer - that is real value (and time saved) for everyone involved.

ED: You know that the Friday team comes from all over the world and you’re German, studied in the States, and now you’re building in London — why here, and what makes this the right place for Teal?

MH: It's been quite the journey! I'd say London is still the fintech capital in Europe and we're excited to build Teal here. There's incredible talent and a great ecosystem of builders and established fintechs out there, many of whom helped us get where we are today. Personally, I love hosting events and I haven’t found a place yet where it’s as easy as here to get a lot of smart people in one room on short notice!

ED: What’s surprised you about being a founder and start-up life?

MH: I've had various jobs where the inbox was always flooded with emails and meeting requests, but when you're just getting started, nobody knows you! It's weird, when you suddenly find yourself waiting for someone's reply. On the flipside, when you start from zero, every little win - a new product feature, a great candidate accepting a job offer, anything else really - it feels big.

ED: Your last name is Hart, how did you resist a pun as the company’s name? Was Teal over ‘Hart Work’ a conscious act of resistance?

MH: Teal was actually a great naming story. We were sitting together in a bar brainstorming 4 letter words and checking website availability…in the end, it was my co-founder André with the stroke of genius!

I've heard a lot of good name puns, but it never occurred to me I could name a company after myself! ‘Hart Work’ could become a name of company policy though.

Find out more about Teal here: https://www.goteal.co/