Income verification platform Truework lands $50m Series C funding
US-based fintech firm Truework, which provides income and employment verification services to lenders, has raised $50 million in a Series C funding round.
The round was led by G Squared with participation from existing investors Sequoia Capital, Activant Capital and Khosla Ventures. New investors include Indeed, Human Capital and Four Rivers Group.
Truework says the funds will support its product development and hiring plans and fuel the continued growth of its platform.
Founded in 2017, Truework offers an API-led platform for income and employment verification. By digitising the process for banks, lenders, payroll providers and HR departments, the firm says it streamlines the lending process for both lender and borrower.
Truework CEO Ryan Sandler says the company has “access to over 35 million (and counting) US employee records” and “enables lenders to convert more borrowers and make faster credit decisions with verified income”.
He adds the Series C funding will help the firm “build a more efficient, secure and stable credit system”.
Through partnerships with payroll providers such as Gusto, Zenefits and BambooHR, Truework claims to have the “second-largest instant verification network” and will “service more than 12 million income and employment requests in 2022, from more than 20,000 small businesses and 100 enterprises”.