Truework provides an income and employment verification product that integrates with third‑party services such as payroll providers, allowing lenders and mortgage providers to verify users and approve loans directly inside their applications. The product is also used by landlords and prospective employers for background and income checks. Truework announced a strategic partnership with TransUnion that will allow TransUnion customers to access both credit and income data via a single API. That partnership is intended to expand distribution into new verticals and use cases, including property management and credit card applications. Financially, Truework closed a $50 million Series C roughly ten months before this announcement and has now received an additional equity investment tied to the TransUnion partnership. The company says the combined offering will make it easier for lenders and other customers to obtain both data sets from one vendor. Truework provides APIs that enable mortgage, automotive, personal loan and student financing lenders to verify income and employment instantly by integrating with payroll providers such as Gusto, Zenefits and BambooHR. The company also supports background checks for employers and staffing firms. Truework estimates it will power more than 12 million income and employment verifications this year. It recently launched Truework Documents, a tool that converts uploaded physical documents into structured data to aid fraud assessment. The business says demand for automated verifications is rising despite uneven mortgage market activity. After raising $50 million in its latest round, Truework plans to bolster product development and increase headcount. Truework offers a platform and API that lets employers enable employees to consent to share verified employment and salary details with banks, landlords, and other verifiers. When a third party requests verification, Truework notifies the individual via email or text to approve or deny the request. The company charges larger enterprises and verifiers for access while offering the product free to small-business employers. Truework says it uses ISO27001 and SOC2 Type 1 & 2 protections and does store users’ data. It reports 20,000 small-business customers, about 100 enterprise customers, and roughly 40,000 verifiers (up from about 25,000 verifiers at the end of 2019). The startup plans to expand the types of identity details it shares via its own services and third-party partnerships and to enable profile updates regardless of an employee’s current employer. Truework builds a network for verified identity that initially focuses on employment and income data used by lending and housing markets. Its platform digitizes verification for HR departments, banks, and other parties to make income and employment checks faster and more secure. The company serves over 3,000 financial institutions and has verified income data on more than $2 billion of home loans. Truework's network includes hundreds of employers such as The College Board, Oscar Health, InVision, and Tuft & Needle. The company plans to use new funding to scale product and engineering teams and to expand the scope of its identity platform for consumer and enterprise users. Truework was founded in 2017 and is based in San Francisco, CA. Truework offers a platform that changes how sensitive information is verified during loan applications, home purchases, and employment screenings. The company is based in San Francisco, CA. Truework recently raised a $2.9M seed round. The round was led by Keith Rabois of Khosla Ventures. Other participants included Founder Collective, Menlo Ventures, Crunchfund and many other investors. The articles describe the company as refocusing verification processes for those transactions.

Total raised

$119M

Funding rounds

5

Latest round

Equity

Latest activity

Jun 2023