Income and employment verification startup Truework secured a $50 million Series C funding deal that will go toward helping 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 on Tuesday (Aug. 9).
Headquartered in Silicon Valley and co-founded in 2017 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 give the green light to more borrowers in less time, while also giving them 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 lending procedures on both ends.
Using consumer consent as the core of its foundation, the company verifies income for major credit lines 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-first mindset goes into 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 both sides of the verification equation and help build a more efficient, secure, and stable credit system,” Sandler added.
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Truework works with over 17,000 lenders nationwide and tries to verify income in seconds, per the release. Faster income verification can up conversions and lower verification expenses, something the company said it’s striving for.
