Lending verification fintech Truework raises $50 million 

The investment, spearheaded by venture capital firm G Squared, will be used to grow Truework's business.

Lending verification fintech Truework has raised $50m in a Series C funding round. 

The San Francisco-based firm, founded in 2017, provides employment and income verification services aimed at consumer, auto, and mortgage lenders.

The round was led by venture capital firm G Squared, which has previously invested in 23andMe, Coursera, Instacart, Lyft, Pinterest, and Spotify, as well as fintechs such as company card firm Brex.

The round also included returning investors Sequoia, Activant, and Khosla Ventures, as well as new investors such as Indeed, Human Capital, and Four Rivers Group. 

Truework also offers services aimed at businesses looking to verify the employment histories of their new hires. 

The fintech claim to be able to provide instant access to the data of 35 million US employees, and that they are able to verify the details of "any" US employee. 

Truework says it is on track to power more than 12 million income and employment verifications in 2022, servicing more than 20,000 small businesses and 100 enterprises.

The latest capital injection will be used to continue its efforts to "help customers grow their businesses through instant, accessible and accurate consumer data".

This isn't the first large funding round Truework has raised.

In May 2020, the firm raised $30m in a round led by Activant Capital, which also included participation from high-profile individual investors such as LinkedIn's Jeff Weiner.

Money is currently pouring into technology that offers to streamline the traditionally lengthy process of verifying new customers or employees. 

In June this year, open banking provider Volt said it is launching a new bank account authentication service, which it claims will offer an “ultrafast” way for online merchants and businesses to verify accounts for new customers - offering an alternative to common methods like microtransactions. 

Checkout.com shared its intent to acquire the French digital identity verification startup ubble for an undisclosed amount in May this year.