Truework

Overview
News
FinTech Infrastructure?
Product stageSegments
Growth
?
Lending-as-a-service (LaaS)
?

Truework offers an API-based infrastructure platform for banks, lenders, and background check providers to verify the income and employment details of its customers. The platform caters to several types of loans, including automotive, personal, mortgage, and student financing, using integrations with payroll platforms (such as Gusto, Zenefits, and BambooHR) to verify details. As of April 2023, the platform reportedly verified information for a network of over 35 million employees in the US.

The company also offers a tool to process manual verifications, which lets users transform physical documents (such as payslips) into structured digital data. The company claims that over 80% of manual requests can be processed within 48 hours. Moreover, Truework also enables applicants to submit verified payroll data to potential lenders.

The company offers its platform through a pay-per-use business model and charges its users per employment report, income report, or re-verification.

Key customers and partnerships

Truework reportedly connected consumers with over 17,000 lenders, as of August 2022, and claimed to boost applicant conversion by 14% and reduce verification costs by 60% per loan. Moreover, it serviced around 12 million income and employment requests in 2022 from over 20,000 small businesses and 100 larger enterprises. As of August 2022, its customers reportedly included 20 of the top 25 lenders in the US, including Fairway Independent Mortgage, Caliber, Guaranteed Rate, and Citizens Bank.

In January 2024, Truework partnered with Vault Verify, an HR platform providing income and employment verification and other employment related services, to improve income verification capabilities.

Funding and financials

Truework raised USD 24 million in equity funding from TransUnion in June 2023, around ten months after raising USD 50 million in Series C funding in August 2022. Along with the funding, the companies deepened their partnership, and TransUnion aimed to cross-sell Truework’s product alongside its main credit offering, allowing a bank to access both credit and income data through a single API.

HQ location:
325 Pacific Ave San Francisco CA USA
Founded year:
2017
Employees:
101-250
IPO status:
Private
Total funding:
USD 118.9 mn
Last Funding:
USD 24.0 mn (Corporate Round; Jun 2023)
Last valuation:
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