Truework pockets $50 million for income verification platform
Starting income and employment verification truework has entered into a $50 million Series C funding agreement that will help the company continue product development, strengthen its talent pool and grow its platform.
The new funding was led by G Squared, with participation from Sequoia Capital, Activant Capital and Khosla Ventures. New investors included Indeed, Human Capital and Four Rivers Group, according to a Press release Tuesday (August 9).
Based in Silicon Valley and co-founded in 2017 by CEO ryan sandler and chief operating officer Ethan Winchel, the FinTech startup provides income and employment verification to some of the nation’s largest mortgage, auto and consumer lenders. The company aims to greenlight more borrowers in less time, while providing them with safer and more accurate data.
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By digitizing income and employment verification processes, Truework enables banks, lenders, payroll providers and HR departments to streamline loan procedures on both sides.
Using consumer consent as a core part of its foundation, the company verifies income from major lines of credit such as mortgages and auto loans, according to the release.
“Automation and efficiency are at the heart of what we do at Truework, and building the future with a consumer-centric mindset goes into every decision we make,” Sandler said.
“With access to over 35 million (and counting) US employee records, Truework enables lenders to convert more borrowers and make faster credit decisions with verified income. Series C funding will help us strengthen both sides of the verification equation and build a more efficient, safe and stable credit system,” added Sandler.
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Truework works with more than 17,000 lenders nationwide and tries to verify income in seconds, according to the statement. Faster revenue verification can increase conversions and reduce verification spend, which the company said it seeks.