Income verification fintech raises $50 million for expansion

Truework, an income and employment verification firm that works with Fairway Independent Mortgage, Guaranteed Rate and loanDepot and other influential mortgage players, announced Tuesday that it will build out hiring and product development with $50 million just raised in its Series C funding round.

G Squared led the new round for the technology company, which facilitates access to borrower-permissioned information that confirms their income and employment data without necessarily going to a payroll provider to get it. Truework's technology is aimed in particular at creating more data verification inroads for borrowers who work in the gig economy. 

Some mortgage lenders have become more eager to tap these customers as many traditional borrowers have already refinanced at extremely low rates, creating interest in broader outreach.

Availability of digitally-verified income and employment data has expanded as mortgage lenders, government-related investors in their loans, and vendors have explored new ways of facilitating access to it beyond traditional payroll providers. 

Truework's platform connects consumers to more than 17,000 consumer lenders, including Caliber (a division of Rithm) and Citizens Bank in addition to those listed above.

Photo credit: Truework

"With access to over 35 million (and counting) U.S. employee records, Truework enables lenders to convert more borrowers and make faster credit decisions with verified income," CEO Ryan Sandler said in a press release. "Series C funding will help us further empower both sides of the verification equation."

Two new investors joined the most recent funding round: Human Capital and Four Rivers Group. Returning investors Sequoia Capital, Activant Capital and Khosla Ventures also participated.