Truework, a San Francisco, CA-based fintech company that provides income and employment verification for mortgage, auto, and consumer lenders to approve more borrowers quickly, raised $50m in Series C funding.
The round was led by G Squared, with participation from returning investors Sequoia Capital, Activant Capital, and Khosla Ventures and new investors Indeed, Human Capital, and Four Rivers Group.
The company intends to use the funds for planned product development, additional hiring, and fostering continued growth as a secure platform for income and employment verification.
Led by CEO Ryan Sandler, Truework provides an API-enabled platform for income and employment verification. Using it as a Consumer Reporting Agency operating in compliance with FCRA, banks, lenders and background check providers can verify any U.S. employee. Through partnerships with payroll providers such as Gusto, Zenefits, and BambooHR, Truework has a large instant verification network with over 35 million employees.
From local credit unions to large banks, the company connects consumers to more than 17,000 lenders across the country, often enabling income verification within seconds, increasing applicant conversion and reducing verification cost per loan.
Truework will service more than 12 million income and employment requests in 2022, from more than 20,000 small businesses and 100 enterprises. Its mortgage customers include 20 of the top 25 lenders, like Fairway Independent Mortgage, Caliber, Guaranteed Rate, Citizens Bank, and LoanDepot. Its recent expansion into consumer lending has won customers like Carvana, Octane, and Figure.
FinSMEs
09/08/2022