Truework raises $50 million

Income verification startup Truework has raised $50 million in Series C funding led by G Squared, with participation from Sequoia Capital, Activant Capital, Khosla Ventures, Indeed, Human Capital, and Four Rivers Group.

Founded in 2017, the California-based startup claims to provide income and employment verification for the nation’s largest mortgage, auto, and consumer lenders to approve more borrowers “in a fraction of the time.” 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.

“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.” – Truework CEO Ryan Sandler.

“Truework’s vision, leadership, and technology are skillfully­-calibrated to the current landscape. 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.” – G Squared partner Spencer McLeod.