This partnership not only signifies a strategic alliance between the two entities but also includes a minority investment from TransUnion in Truework.
The investment amount remains undisclosed, however, TransUnion’s stake in Truework affirms their faith in Truework’s innovative solution. This financial backing from one of the world’s largest information and insights companies underlines the growth potential and market viability of Truework.
Specialising in income verification, Truework offers an invaluable service to financial institutions. The firm provides verified income data for clients, enabling lenders and other verification entities a comprehensive, up-to-date view of consumers. This insight assists in effective and efficient decision-making.
Truework intends to utilise the fresh investment to augment its services and enhance the range of products offered. In conjunction with TransUnion, Truework aims to deliver extensive income verification coverage intertwined with robust credit data. This novel service will enable lenders and other verifiers to gain a broader understanding of consumers and improve their decision-making efficiency.
Truework has been a trusted service provider to some of the largest financial institutions in the country since its inception. This partnership with TransUnion is expected to strengthen its position in the sector, delivering accurate and accessible data for thousands of businesses and millions of consumers.
TransUnion EVP, Credit Risk Solutions and Chief Sustainability Officer, Hilary Chidi, said, “We expect that our collaboration will allow customers to derive superior insights and make more informed decisions by providing a broader view of consumers.” She also expressed enthusiasm about the synergy between the two companies and the prospect of providing a more holistic view of each individual.
CEO and co-founder of Truework, Ryan Sandler, expressed his sentiments about the partnership stating, “TransUnion is a global leader in credit data and insights. Our partnership signals a new era for thousands of businesses and millions of consumers who will benefit from accurate and accessible income data paired with TransUnion’s deep product catalog.”
This partnership announcement follows on from previous funding rounds that have helped Truework establish and grow. However, the specifics of past investments were not disclosed in the announcement.
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