The latest funding round was led by G Squared, with the participation from existing investors Sequoia and Khosla Ventures, among others.
Truework will use the latest investment to help customers grow their businesses by providing instant, accessible, and accurate consumer data.
The company aims to change the way consumers’ personal information is shared during life events, including new jobs, or purchasing a home. Truework has built a network for verified identity that offers the user full control over their data by allowing them when to choose to disclose information and when to withhold it.
According to the fintech’s projection, its in-house developed tool can power over 12 million income and employment verification by the end of 2022, serving more than 20,000 SMEs and 100 enterprises across the country.
In 2021, Truework has launched a series of new offerings, including Payroll Network Reapprovals, and Credentials. The former tool allows customers to have enhanced visibility into their data and control the way that data is being shared with third parties. Moreover, consumers can generate their own employment verification letters.
The Preapproval product offers lenders accurate underwriting and enhanced conversations, while the Credentials tool allows applicants to share their payroll data instantly and directly through their loan application.
Truework’s mission is to put millions of workers in control of their data and to streamline the lending process for both borrowers and lenders. It aims to build a future where consumer first mindset is the centre of the decision-making process. The fintech’s latest Series C funding will help it further to empower both sides of the verification equation, building a more efficient, secure, and stable credit system.
Launched in 2017, Truework invests in new technologies for mortgage and consumer-focused lenders to instantly verify the employment and income of borrowers, while allowing them full control over the data they must share.
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