Income Verification Startup Truework Raises $50 Million
Truework logo

Income Verification Startup Truework Raises $50 Million

A company that helps lenders close loans with greater ease and speed has secured a significant funding round. This week, Truework announced that it had raised $50 million. The Series C was led by G Squared with participation from returning investors Sequoia Capital, Activant Capital, and Khosla Ventures as well as newcomers Indeed, Human Capital, and Four Rivers Group. With the funds, Truework intends to increase its hiring, while also fueling product development and growth.

Truework is a FinTech platform focused on employment and income verification for credit applicants, including mortgage, auto, and consumer lenders. According to their site, the service can return data from more than 35 million U.S. employees instantly. This is accomplished by having access to payroll providers such as  Gusto, Zenefits, Paylocity, and others. The company says that its platform has helped increase applicant conversion by 14%, while reducing the cost of verification by 60% per loan.

Commenting on the core of the company’s efforts, Truework CEO Ryan Sandler stated, “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. 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.”

Regarding the recently-raised round, he added, “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.”

As for what lead investor G Squared saw in the company, the firm’s partner Spencer McLeod explained, “Truework’s vision, leadership, and technology are skillfully­-calibrated to the current landscape. Rising rates and market uncertainty are catalyzing lenders to optimize their approval process. People applying for loans expect decisions to be made quickly, they seek options that offer control over personal data and insight into how it’s used. Truework has delivered that solution to some of the nation’s largest banks and most future-forward investors.”

As recent reports show, FinTech funding has fallen off so far in 2022 for a number of reasons. Because of this, it’s encouraging to see that significant rounds are still being raised. In terms of Truework itself, the company seems well on its way toward establishing a tool that will not only be useful to traditional lenders but could also be helpful for fellow FinTechs. With an extra $50 million to fuel it forward, it will be interesting to see how Truework expands going forward.

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...
Rent Day

Bilt Announces Home Collection Deal for May 2024 Rent Day

For May's Rent Day, Bilt is offering a deal that will allow members to decrease their rent bill while also adding to their home decor. About the Home Collection offer: Bilt has crafted a unique Rent Day offer for May 2024. Through the 1st, when Bilt members redeem their points toward rent payments, they'll receive the same number of points to be used toward Bilt Home Collection items. To take...