The latest funding round for Truework was led by G Squared, with additional support from existing investors like Sequoia and Khosla Ventures.
Use of Funding
Truework intends to utilize these funds to assist customers in growing their businesses by offering instant, accessible, and accurate consumer data.
The company seeks to transform how consumers share personal information during significant life events such as starting a new job or buying a home. Truework has established a verified identity network that empowers users with control over their data, enabling them to decide when to disclose it and when to withhold it.
According to projections from the fintech company, its internal tool will be capable of facilitating over 12 million income and employment verifications by the end of 2022. This will serve more than 20,000 small and medium enterprises (SMEs) and 100 corporations across the nation.
About Truework
In 2021, Truework introduced several new products including Payroll Network Reapprovals and Credentials. The former provides customers with enhanced visibility into their data and allows them to control how it is shared with third parties. Additionally, consumers can create their own employment verification letters.
The Preapproval product supports lenders in accurate underwriting and improves conversations, while the Credentials tool enables applicants to share their payroll data instantly and directly through their loan applications.
Truework’s mission is to put millions of workers in control of their data and streamline the lending process for both borrowers and lenders. It aims to build a future centered around a consumer-first mindset in decision-making processes. The latest Series C funding will aid Truework in further empowering both sides of the verification equation, contributing to a more efficient, secure, and stable credit system.
Launched in 2017, Truework focuses on new technologies that enable mortgage and consumer-focused lenders to instantly verify the employment and income of borrowers while ensuring they have full control over their data sharing processes.
