Identity Verification firm Truework announced it has raised $12 million in Series A financing led by Sequoia Capital.
As part of the transaction, Alfred Lin, partner at Sequoia Capital, is joining Truework’s board. There was also participation from Stanford University and existing investors, including Khosla Ventures, Menlo Ventures and Founder Collective. The new funding will be used to scale the product and engineering teams, as well as expand the scope of its identity platform for consumer and enterprise users.
Launched in April 2018, Truework’s platform integrates with HR and payroll systems to process employment and income requests, allowing employees to approve or deny each request in real time. It also enables banks and other institutions to access information without slowing down the application process. In addition to the funding, the company revealed that its network has grown to more than one million users in just one year.
“We are working to fundamentally change the data economy, in which credit bureaus continue to squeeze profits by abusing the privacy of consumers,” Ryan Sandler, co-founder and CEO of Truework, said in a press release. “When third parties receive access to private data, it is often a complete black box for individuals. Truework is bringing these processes front and center, putting more control into the hands of the consumer.”
Truework’s network currently boasts hundreds of employers, including The College Board, Oscar Health, InVision and Tuft & Needle. The company serves over 3,000 financial institutions and has verified income data on more than $2 billion of home loans.
“It’s hard to believe that in 2019 consumers cannot instantly go through every step of the mortgage qualification process online. Truework is solving the final missing piece by letting lenders quickly verify employment, income and other identity data,” said Keith Rabois, partner at Founders Fund who led Truework’s seed round while at Khosla Ventures.