Argyle raises $30 million from Bain, Rockefeller Capital

Argyle, which helps lenders verify income and employment data, completed a $30 million funding round led by a Rockefeller Capital Management innovation fund, bringing its funding since the firm's formation to more than $100 million.

The capital will be used to improve the verification experience "for the next wave of prospective customers that can benefit from our services," Chief Executive Officer and founder Shmulik Fishman said in a statement Tuesday. Argyle has never disclosed a valuation.

Higher interest rates and scarce funding have pressured the financial-technology industry, with many firms' valuations slashed after peaking during the pandemic. Some have turned to job cuts, but others have found their footing. Stripe Inc.'s valuation, at about $65 billion, increased by 30% over the past year, though it's still down from a high of $95 billion in 2021.

Rockefeller Asset Management's Fintech Innovation Fund was joined in the Argyle funding round by Bain Capital's venture capital division, SignalFire and Checkr Inc., past investors in the fintech. Argyle counts as customers LendingClub Corp., Upgrade Inc. and Western Alliance Bancorp's mortgage company, AmeriHome. 

"We believe in the company's vision and offerings, the strength of its management team, and see a significant opportunity to support its already impressive growth," Chris Randazzo, who manages the fintech innovation fund, said in an emailed statement.

The funding round was completed in January.