Truework, a fintech company that provides income and employment verification for the nation’s largest mortgage, auto, and consumer lenders to approve more borrowers in a fraction of the time, today announced it raised $50 million in Series C funding.
Sequoia Capital, Activant Capital, and Khosla Ventures returned investors joined G Squared in leading the Series C investment. Indeed, Human Capital and Four Rivers Group are some recent investors. The closing of this round will enable the company to continue expanding as a reliable, secure, and user-friendly platform for income and employment verification, as well as support future product development and increased hiring.
Truework streamlines the loan process for both the lender and the borrower by digitizing and making it easier for banks, lenders, payroll providers, and HR departments to verify income and employment. Truework checks income for major credit extensions like mortgages and auto loans using customer permission as a foundation.
“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. 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.”
Ryan Sandler, CEO, Truework.
Truework links customers to more than 17,000 lenders nationwide, from small banks to local credit unions, frequently enabling income verification within seconds, increasing applicant conversion by up to 14%, and lowering verification cost per loan by 60%.
In 2022, more than 20,000 small businesses and 100 corporations will use Truework to fulfill more than 12 million requests for income and employment. Twenty of the top 25 lenders, including Fairway Independent Mortgage, Caliber, Guaranteed Rate, Citizens Bank, and LoanDepot, are among its mortgage clients. Customers like Carvana, Octane, and Figure have benefited from its recent entry into the consumer loan market.
“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. We are excited about Truework’s future vision to empower consumers and are proud to support their expansion.”
Spencer McLeod, Partner, G Squared.