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.
Leading the Series C round was G Squared, with returning investors Sequoia Capital, Activant Capital, and Khosla Ventures also participating. New investors include Indeed, Human Capital, and Four Rivers Group. The completion of this round will support planned product development, additional hiring, and foster the company's continued growth as an efficient, secure, and user-friendly platform for income and employment verification.
By digitizing and simplifying the income and employment verification process for banks, lenders, payroll providers, and HR departments, Truework streamlines the lending process for both lender and borrower. With consumer consent as a foundation, Truework verifies income for important extensions of credit, such as mortgages and auto loans.
"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," said Truework CEO Ryan Sandler. "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."
From local credit unions to large banks, Truework connects consumers to more than 17,000 lenders across the country, often enabling income verification within seconds, increasing applicant conversion by up to 14%, and reducing verification cost per loan by 60%.
Truework will service more than 12 million income and employment requests in 2022, from more than 20,000 small businesses and 100 enterprises. Its mortgage customers include 20 of the top 25 lenders, like Fairway Independent Mortgage, Caliber, Guaranteed Rate, Citizens Bank, and LoanDepot. Its recent expansion into consumer lending has won customers like Carvana, Octane, and Figure.
"Truework's vision, leadership, and technology are skillfully-calibrated to the current landscape," said G Squared Partner Spencer McLeod. "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."