Truework, a FinTech company that provides income and employment verification, has raised $50m in Series C funding.
Truework aims to help modern lenders in the mortgage, auto, and consumer lending sectors efficiently verify income and employment while empowering consumer with safer and more accurate data.
G Squared led the round, with participation from returning investors Sequoia Capital, Activant Capital and Khosla Ventures. New investors included Indeed, Human Capital, and Four Rivers Group.
Truework said it will use the capital to support planned product development, additional hiring, and foster the company’s continued growth as an efficient, secure and user-friendly platform for income employment.
The core of the company’s mission, is to streamline the lending process for both lender and borrower. Truework digitises and simplifies the income and employment verification process for banks, lenders, payroll providers and HR departments.
Truework’s mortgage customers include 20 of the top 25 lenders, like Fairway Independent Mortgage, Caliber, Guaranteed Rate, Citizens Bank and LoanDepot.
Ryan Sandler, Truework CEO, said, “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.”
Spencer McLeod, G Squared partner, added, “Truework’s vision, leadership, and technology are skillfully-calibrated to the current landscape Rising rates and market uncertainty are catalysing lenders to optimise 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.”
Jakarta-based digital mortgage platform IDEAL recently raised $3.8m in a pre-seed funding round.
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