Truework announced it had completed a $30 million Series B funding round, led by Activant Capital, with participation from returning investors Sequoia Capital and Khosla Ventures. Individual investors include Forbes 30 Under 30 honorees William Hockey of Plaid, and Daniel Yanisse of Checkr.
“At the end of the day, the problem was that when a consumer applied for a new loan, or got a new job or a new apartment, it used to take days or weeks for them to get approved because it took so long to verify the information,” says Ryan Sandler, who serves as Truework’s CEO, and who along with COO Ethan Winchell made it to theThe platform works in a way that once a company’s human resources department adds Truework to their HR and payroll system, any time an employee goes out to get a loan or...
At that point the employee gets an email or a text message to see and approve the release of the data to the bank or lender, before Truework releases it. In the 2017 industry was shattered by the major 2017 Equifax data breach when personal information of almost 147 million people was exposed, for which Equifax has agreed to pay at least $575 million and potentially up toAccording to Sandler, the biggest difference in Truework and the competition is the consent aspect of his platform.
“Employers can sit back and not have to waste precious hours doing paper forms, and at the same time, give their employees full control and transparency of their data,” Sandler says. Truework’s client network includes nearly 100 large companies and 20,000 small businesses across various industries, including The College Board, Oscar Health, and The Motley Fool.round in 2019, and $3 million in seed the year before. With the latest $30 million equity financing, the total amount the 50-employee enterprise has raised amounts to $45 million.
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