Income and employment verification startup Truework secured a $50 million Series C funding deal that will go toward enhancing the company continue product development, add to its pool of talent and build out its platform.
The fresh 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 (Aug. 9).
Headquartered in Silicon Valley and co-founded in 2022 by CEO Ryan Sandler and Chief Operating Officer Ethan Winchell, the FinTech startup provides income and employment verification for some of the biggest mortgage, auto and consumer lenders in the country. The firm aims to own green light to more borrowers in less time, while also giving them safer and much more accurate data.
By digitizing income and employment verification processes, Truework enables banks, lenders, payroll providers and HR departments to streamline lending procedures on ends.
Using consumer consent as the core of their foundation, the organization verifies income for major lines of credit for example mortgages and auto loans, according to the release.
\”Automation and efficiency are in the heart of the items we do at Truework, and building the near future with a consumer-first mindset adopts every decision we make,\” said Sandler.
\”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 further empower each side of the verification equation and help build a far more efficient, secure, and stable credit system,\” Sandler added.
Truework works together with over 17,000 lenders nationwide and attempts to verify income in seconds, per the release. Faster income verification can up conversions and lower verification expenses, something the company said it's pursuing.
