Fact-check findings
What an automated fact-checker found when it re-read Grain Technology against the sources the page cites. Only the most recent review is shown.
These findings are produced by an automated reviewer, and its results vary between runs: the same page, checked three times on the same day, came back with 15%, 20% and 34% of its claims disputed, mostly because each run extracted a different number of claims. Treat what follows as leads, not rulings.
“Disputed” means the reviewer could not reconcile the claim with the evidence it cited. It does not mean the claim is false. “Unverifiable” means no reachable source settled it either way.
Nothing here changes the page on its own. A proposed correction is applied only after a human moderator approves it; until then the page reads as it did when reviewed.
disputed
1 claimThe reviewer could not reconcile the claim with the evidence it cited. This is a lead, not a ruling that the claim is false.
- #1[disputed][awaiting moderator]in section: Synthetic Identity Fraud and Losses at Partner Bank
“Ponce said it would discontinue originating new microloans through Grain after May 31, 2022, pending further review”
reviewerPonce said it would discontinue originating new microloans through Grain after May 31, 2022The cited 8-K carries no May 31, 2022 date. The S&P article that supposedly has it returned 403, so the date could not be verified there. A web search also found no filing with that date.Proposed correction (not yet applied)Ponce said that no new microloans would be originated through Grain until further notice, pending further review
partially supported
3 claimsThe cited evidence supports part of the claim but not all of it.
- #2[partially supported][awaiting moderator]in the timeline
“Ponce Bank discontinues originating new microloans through Grain pending further fraud review.”
reviewerTimeline: Ponce discontinues new originations on 2022-05-31The halt is confirmed. The 2022-05-31 date is not in the 8-K and could not be checked in the S&P article, which was blocked. Treat the date as unverified. - #5[partially supported][awaiting moderator]in section: Company Overview and Business Model
“Grain Technology, Inc. is a fintech company headquartered in Oakland, California, founded in 2017 and later admitted to Y Combinator's Winter 2020 accelerator batch.”
reviewerGrain is a fintech headquartered in Oakland, founded in 2017, in YC Winter 2020 with the named co-foundersOakland and 2017 come from CB Insights only. YC lists San Francisco. The founder's surname is 'De Suza' on YC, while the page writes 'De Souza'. - #6[partially supported][awaiting moderator]in section: Company Overview and Business Model
“Aggregator data from CB Insights indicates Grain raised a funding round of approximately $13.65 million around January 2023”
reviewerAggregator data indicates a $13.65M round around January 2023The amount is consistent with CB Insights and the hedging is appropriate. The exact month could not be checked.
confirmed
2 claimsThe cited evidence supports the claim as written.
- #3[confirmed][no action needed]in section: Synthetic Identity Fraud and Losses at Partner Bank
“The filing stated that from the start of the relationship through March 31, 2022, 24,719 microloans totaling approximately $17.0 million had been deemed fraudulent and put back to Grain.”
reviewerFraud figures: 24,719 loans, $17.0M put back; $6.3M write-off, $1.7M reserve, $8.1M pre-taxAll of these figures match the 8-K. - #4[confirmed][no action needed]in section: Synthetic Identity Fraud and Losses at Partner Bank
“American Banker reported that Grain co-founder and COO Carl Memnon said the company became aware of the scale of synthetic-identity fraud in late 2020”
reviewerCOO Memnon said Grain became aware in late 2020 and completed five tiers by November 2021Confirmed. The Q1 2021 start was not seen in the fetched summary.