Truework Raises $50 Million to Redesign the Credit System

https://finovate.com/truework-raises-50-million-to-redesign-the-credit-system/
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  • Truework has raised $50 million to bolster its income verification product.
  • The Series C round brings Truework’s total funding to $95 million.
  • G Squared led the round, which the company plans to use to grow its business “through instant, accessible, and accurate consumer data.”

Income and employment verification startup Truework is taking on an extra $50 million in capital today in a Series C round. When added to the $45 million in funding the California-based company has raised since it was founded in 2017, Truework’s total funding now reaches $95 million.

The round was led by G Squared; with contributions from existing investors Sequoia, Activant, and Khosla Ventures; as well as new investors Indeed, Human Capital, and Four Rivers Group. “Support from these incredible teams inspire[s] us to keep building the future of financial identity, and is bolstered by our continued focus on promoting transparency and data ownership for consumers,” the company said in a blog post.

Truework’s goal is to change the way consumers’ personal information is shared during life events such as a home purchase or getting a new job. The company has built a network for verified identity that places the consumer in control of their data by offering them the decision when to share their information and when to withhold it.

Truework anticipates it will power more than 12 million income and employment verifications by the end of this year, which will service more than 20,000 small businesses and 100 enterprises. The company will use today’s investment to help customers grow their businesses “through instant, accessible, and accurate consumer data.”

Last year, Truework launched a few new offerings, including Payroll NetworkPreapprovals, and Credentials. The Payroll Network tool offers consumers visibility into and control over how their data is being shared with third parties and also enables consumers to generate their own employment verification letters. The Pre-approvals product offers lenders more accurate underwriting and increased conversions, while the Credentials tool allows applicants to instantly and directly share their payroll data in their loan application.

“Truework is putting millions in control of their data and streamlining the lending process for both lenders and borrowers,” the company said in a blog post announcement. “Building the future with a consumer first mindset goes into every decision we make, and Series C funding will help us further empower both sides of the verification equation to help build a more efficient, secure, and stable credit system.”


Photo by Monstera

https://finovate.com/truework-raises-50-million-to-redesign-the-credit-system/