Truework Raises Series C Funding to $50M
The past few years have been outstanding for suitable start-up company need outside funding. According to Crunchbase, investors have funded only shy of 330 billion dollars in 2021. Those looking for late-stage funding have done exceptionally well, bringing in $208 billion — almost double the figure from 2020. A good example of a business. Hot ticket attractive investment world is Truework.
This model suggests several truths. First, investors are eager to put their money into innovations. Second, The New York Times was right with its prediction that the passion for entrepreneurship, especially aimed at tech start-ups, will not die soon. And third, already successful companies shouldn’t be afraid to conduct additional rounds of funding.
After proving its worth and going through both series A and sponsored series B, Truework back again. As a result, its founders were able to raise $50 million in C-chain funding by 2022.
However, it’s not just Truework’s massive success that makes it equally worth mentioning. The reality is that like most startups, their success comes from identifying a problem and simplifying it – namely, job verification. This problem many people do not know, and very few people solve it. Their solution secures sensitive identifying information for consumers and strengthens the company’s relationship with applicants.
Truework’s Entry into the World of Income and Employment Verification
When you or anyone else tries to get a job, the interviewer will ask about your work history. Everyone expected this. Potential employers ask about everything from previous employers to the day you started and left.
At that point, your employer has two choices. The employer may listen to you or may take a variety of steps to verify that your work history is correct.
Obviously, no one is going to suggest the first choice. A ResumeLab survey from 2020 shows why. Seems like 27% of experts admit it lie about their work experience when interviewing. That means there is a one in four chance that a candidate’s work history may not be updated and developed.
So the second option is the way to go. However, it can have some challenges including keeping the process intact and putting candidate information at risk when it is transferred between third parties.
This is where Truework enters the picture. With proprietary technology and extensive network, Truework can verify people’s employment and income records. All recruiters have to do is log into the one-stop platform and enter candidate information. The candidates were then asked if they would feel comfortable having their work history published to the employer in question. If so, Truework initiates the verification process and passes the results on to the recruiter.
Improve the hiring process for both sides of the hiring experience
It should be noted that Truework’s inherent benefits are not limited to protecting employers from applicant fraud. Truework’s innovative solutions also protect new employees. Some of Truework’s most important advantages relate to tighter data security, significant time savings, and more streamlined join workers.
For example, Truework uses the same secure HTTPS using TLS 1.2 that financial institutions rely on to keep data secure. In addition, because employees must authorize the release of their data, they are in control every step of the way. With 24/7 advanced threat scanning, Truework ensures all data remains stored and only available in need-to-know scenarios.
However, this high level of protection does not slow down Truework’s speed. Approximately 4/5 of all pre-employment verification checks are completed within a tight 48-hour window turnaround. Truework’s processes are fast, thanks to its relationships with more than 150 payroll providers and its ability to tap into a database of more than 35 million employee records.
How does this help with referrals? If you’ve ever had a hard time trying to become a new employee, you know how frustrating waiting can be. The faster your basics are verified, the faster you can start working and earning.
As a Harvard Business Review article notes, only 12% of workers will give Employers give good points to recommend. So there’s a lot of room for improvement on all fronts, starting with faster employment and income verification.
Beyond work verification: Truework’s entry into other markets
Like many startups, Truework initially had to prove its worth. It did, and it started to gain a following. So why a C-chain funding round? The company is in a growth mode.
It turns out that pre-employment verification data is not only valuable to employers. The same kind of information can be quite valuable to mortgage lenders and other consumer lending businesses, not to mention wealth managers.
Think back to the last time you applied for a big loan or tried to rent an apartment through a real estate management company. You may have to provide some sort of information about your salary and possibly where you worked. Who knows who has seen the information you submit, especially if it is written on paper? Many people may have manually transferred your personal data before it is used to determine if you are a good or suspicious loan applicant or tenant.
Truework’s system allows for a more secure transfer of digital personal records. Finally, the lender, Asset Managementand other third parties get the verification they need right away. This allows them to avoid the arduous verification process and increase their conversion rate. Meanwhile, the system keeps sensitive personal information out of prying eyes. It is used only for the intended purposes.
Truework: A Truly Outstanding Fintech
What future for Truework? According to co-founder and CEO, Ryan Sandler, the company will use cash flow of 50 million dollars to support planned product development, additional recruitment, and drive the company’s continued growth as an efficient, secure and user-friendly platform for income and employment verification.
In the meantime, Truework is continuing to add more companies to its client lineup. To date, some of its titles include Fairway Independent Mortgage, Caliber Home Loans, Octane and Carvana. Encompass has also become a partner, as loan processing teams can verify any employee in the US through Truework.
Ultimately, Truework serves as an inspiration for new entrepreneurs and founders to enter the waters looking for capital investments. When you can solve a problem well, you can put yourself on a course to do more than you set out to – and investors won’t be shy about putting their trust and money to help. you succeed.
Image credit: Edmond Dantès; Bark; Thank you!