Truework, an income and employment verification platform for mortgage, auto and consumer lenders, announced Tuesday it raised $50 million in Series C funding. The funding round was led by G Squared with participation from Sequoia Capital, Activant Capital, Khosla Ventures, Indeed, Human Capital and Four Rivers Group.
The fintech company plans to use its new funds to accelerate product development, hire new talent and foster overall growth.
The Truework API-enabled platform makes income and employment easy by digitizing the entire process. The company partners with a number of payroll providers including Gusto, Zenefits and BambooHR to offer a plug-in approach to verification. Currently, the company connects consumers with over 17,000 lenders nationwide to provide verification within seconds.
“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,” Truework CEO Ryan Sandler said in an interview. “With access to over 35 million — and counting — U.S. 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.”
According to a company statement, Truework expects to fulfill more than 12 million income and employment verification requests from over 20,000 small businesses and 100 enterprises. Some of its customers include top lenders like Fairway Independent Mortgage, Caliber, Guaranteed Rate, Citizens Bank and LoanDepot.
Truework is currently hiring for a handful of jobs across its engineering, operations and data and analytics departments with more to come as the new funding is put to use.
