Tech

Truework Raises Series C Funding to $50M

The last few years have been remarkable for niche startups in need of external funding. According to Crunchbase, investors expect him to raise just under $330 billion in 2021. Investors seeking late-stage funding have performed particularly well, raising $208 billion. This is almost double his 2020 figure. The world is Truework.

This pattern suggests several facts. First of all, investors are keen to fund innovation. Second, the New York Times was right in predicting that the passion for startups, especially those aimed at tech startups, won’t wane anytime soon. And third, companies that are already successful should not hesitate to raise additional funding rounds.

After proving its merits and raising both Series A and Series B funding, Truework is back again. As a result, the founder was able to secure his $50 million in Series C funding in 2022.

But that’s not the only thing where Truework deserves an equally big mention. The fact is, like most startups, their success came from identifying a problem and simplifying it: verification of employment. This issue was unknown to many, and few were addressing it. The company’s solutions protect sensitive consumer identity information and strengthen corporate relationships with applicants.

Truework’s entry into the world of income and employment verification

When you or someone else applies for a job, the interviewer asks about your work experience. Everyone expects this. Your prospective employer will ask you everything from past employers to the approximate dates you joined and left.

At that point, your employer has two options. Employers can take your word for it or do a lot of research to make sure your work history is accurate.

Clearly, no one recommends the first option. His ResumeLab survey in 2020 shows why. 27% of her professionals seem to admit to lying about their work experience during an interview. In other words, there is a 1 in 4 chance that the applicant’s work history is not positive.

So the second option is the way to go. However, it can create some challenges, such as slowing down the process and putting candidate information at risk as it is exchanged between third parties.

This is where Truework steps into photography. Truework can verify people’s employment and income records with its unique technology and vast network system. Employers can simply log into her One Stop platform and enter candidate information. Job seekers are then asked if they are comfortable with their work history being made public to the employer they are contacting. In that case, Truework will initiate the verification process and deliver the results to your employer.

Improving the hiring process on both sides of the hiring experience

Note that Truework’s unique benefits are not limited to protecting employers from fraudulent behavior by applicants. Truework’s innovative solutions protect even new hires. Some of Truework’s most important benefits include enhanced data security, significant time savings, and streamlined employee onboarding.

For example, Truework uses secure HTTPS with TLS 1.2, the same that financial institutions rely on to keep their data safe. In addition, employees have to approve the release of their data, so you can control all the steps. With high-level threat scanning performed 24/7/365, Truework ensures that all data remains stored and available only on a need-to-know basis.

However, this advanced protection does not slow down Truework. About four-fifths of all pre-employment verification checks are completed within the tight 48-hour timeframe. Truework’s process is extremely fast thanks to its relationships with over 150 payroll providers and access to a database of over 35 million employee records.

How does this help with onboarding? If you’ve ever had a difficult time trying to onboard as a new employee, you know how frustrating long wait times can be. The more validated you are, the faster you can get to work and start earning.

As an article in Harvard Business Review points out, only 12% of employees will give their employers a positive evaluation of their onboarding. So there is a lot of room for improvement on all fronts, starting with faster income and employment verification.

Beyond validating work: Truework’s entry into other markets

Like many startups, Truework first had to prove its worth. Done, and it started getting the next. So why the need for a Series C funding round? The company is in massive growth mode.

It turns out that pre-employment verification data is of value not only to employers. The same type of information is extremely valuable to mortgage lenders and other consumer finance businesses, not to mention property managers.

Remember the last time you applied for a large loan or tried to rent an apartment through a property management company? You probably had to provide some information about your salary or where you work. Who knows if anyone saw the information you submitted, especially if it was on paper? Many people use You may have manually transferred your personal data before

Truework’s system enables more secure digital transfers of personal records. Ultimately, lenders, property managers, and other third parties can get the verification they need right away. This helps you avoid cumbersome verification processes and increase conversion rates. Meanwhile, the system keeps sensitive personal information away from prying eyes. Used only for its intended purpose.

Truework: A true fintech standout

What does the future look like for Truework? According to co-founder and CEO Ryan Sandler, the company will use the inflow of $50 million to support planned product development, additional hiring, and increase revenue and employment growth. Facilitate the company’s continued growth as an efficient, secure and user-friendly platform. inspection.

Meanwhile, Truework continues to add more companies to its client line-up. To date, we have handled major deals including Fairway Independent Mortgages, Caliber Home Loans, Octane and Carvana. Encompass has also become a partner. Because the loan processing team can verify U.S. employees through Truework.

Ultimately, Truework inspires entrepreneurs and founders just entering the waters seeking capital investment. Solving one problem well can allow you to do much more than you originally planned. Investors will not hesitate to put their trust and money into helping you succeed.

Image Credit: Edmond Dant├Ęs; Pexel; Thank you!

brad anderson

ReadWrite Chief Editor

Brad is the editor who oversees the submitted content on ReadWrite.com. He previously worked as an editor at PayPal and Crunchbase. You can contact him at brad at readwrite.com.

Truework Raises Series C Funding to $50M

Source link Truework Raises Series C Funding to $50M

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