Truework

Truework

Automated income and employment verification platform

About Truework

Simplify's Rating
Why Truework is rated
A-
Rated A on Competitive Edge
Rated B on Growth Potential
Rated A on Rating Differentiation

Industries

Data & Analytics

Enterprise Software

Financial Services

Company Size

51-200

Company Stage

Late Stage VC

Total Funding

$115.7M

Headquarters

San Francisco, California

Founded

2017

Overview

Truework operates in the employment and income verification sector, providing a platform for businesses to verify applicants' income and employment status. The platform is customizable, allowing businesses to tailor the verification process to their specific needs. Truework's intelligent system efficiently routes verifications to ensure quick and comprehensive results. Clients include businesses that require accurate information for hiring or loan applications. Truework's pay-per-result model means clients only pay for successful verifications, ensuring value for money and incentivizing efficient service. A strategic partnership with TransUnion enhances Truework's credibility and resources. The company's goal is to streamline the verification process, increase loan pipeline capacity, reduce costs through automation, and help businesses make informed decisions while minimizing risk.

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Simplify's Take

What believers are saying

  • Integration with Empower LOS expands Truework's reach in the mortgage lending market.
  • Truework's data network growth to 48 million records enhances service reliability.
  • Partnership with Vault Verify transforms verifications into a revenue-generating service for employers.

What critics are saying

  • Competition from Equifax threatens Truework's market share in income verification.
  • Rapid data network expansion raises potential data privacy and security concerns.
  • Reliance on partnerships poses risks if strategic misalignments occur.

What makes Truework unique

  • Truework offers a pay-per-result model, ensuring clients only pay for successful verifications.
  • The platform integrates with Empower LOS, enhancing efficiency for mortgage lenders.
  • Truework's strategic partnership with TransUnion boosts its credibility and resource access.

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Funding

Total Funding

$115.7M

Above

Industry Average

Funded Over

5 Rounds

Late VC funding comparison data is currently unavailable. We're working to provide this information soon!
Late VC Funding Comparison
Coming Soon

Benefits

Health Insurance

Dental Insurance

Vision Insurance

Life Insurance

Flexible Work Hours

401(k) Retirement Plan

Family Planning Benefits

Growth & Insights and Company News

Headcount

6 month growth

-3%

1 year growth

-1%

2 year growth

-4%
PR Newswire
Jun 3rd, 2024
Truework Announces New Integration With The Empower Loan Origination System By Dark Matter Technologies

SAN FRANCISCO, June 3, 2024 /PRNewswire/ -- Truework, the one-stop platform for income and employment verification, announced today its new integration with the Exchange network of mortgage-specific service providers available to customers of the Empower® loan origination system (LOS) by Dark Matter Technologies. With this integration, mortgage lenders can access the Truework platform and verify U.S. employees' income and employment directly within the Empower LOS.Dark Matter TechnologiesLenders have been migrating to Truework for its industry leading 75% completion rates and use of multi-method verifications to seamlessly orchestrate income requests for any borrower. Now, Empower® customers can access this advantage directly within their Empower® LOS.Lenders like Ross Mortgage and Lake Michigan Credit Union have already started the enablement process for Truework inside their Dark Matter instance. This new approach lets Empower LOS users take advantage of more efficient underwriting processes, cost savings, and transparency. Processors can view real-time updates on every verification request directly within the Empower LOS, enabling faster processing times and improving the borrower experience.With this integration, mortgage lenders using Empower can make the income verification process more predictable and deliver a seamless mortgage journey to more borrowers."Customers of the Empower LOS can now deliver a better experience for borrowers while taking advantage of maximum time-saving and cost-reduction benefits with Truework's all-in-one platform," said Ryan Sandler, CEO and co-founder of Truework

PR Newswire
Jan 10th, 2024
Truework Announces Instant Network Growth To 48 Million Records, Adding Multiple New Data Partners

SAN FRANCISCO, Jan. 10, 2024 /PRNewswire/ -- Truework, the one-stop platform for income and employment verification, announced today it has grown its instant data network to 48 million active employees. This milestone marks more than a 30% increase in network size since last year. Driving this growth has been the addition of multiple new partnerships with payroll providers, human capital management (HCM) platforms as well as other verification providers.In July of last year, Truework announced the launch of Truework Guardian , the first solution to help payroll providers, HCMs and other data providers securely automate verifications for every employee by applying a unique risk score. Similar to modern credit card systems where consumers are alerted about potential fraudulent transactions, Guardian notifies employees whenever a verification request is deemed suspicious, requiring additional authorization before sensitive data is shared.As a part of its growth to 48 million instant employee records, Truework is also announcing a new partnership with Vault Verify , the innovative HR platform transforming internal verifications into a revenue-generating business for employers."Our partnership with Vault Verify and other data platforms showcases the importance of protecting employee data without incurring harmful delays that can derail high-stakes transactions like buying a home," said Ryan Sandler, Truework CEO. "More employees can now rely on Truework to make sure accurate data is shared instantly and only with authorized parties."Protecting employee data is a shared focus for Truework and Vault Verify

HousingWire
Oct 4th, 2023
Truework and Revvin partner to enhance income verification services for point-of-sale systems

Digital lending platform Revvin joined forces with Truework, an income and employment verification platform, to provide comprehensive income verification coverage.

TechRseries
Jul 13th, 2023
HR Technology highlights – HR Tech daily round-up for 13th july 2023

Truework , a leading provider in verification of income and employment (VOIE) in the U.S., announced the launch of Truework Guardian, a new verification automation tool for employees, employers and payroll providers that replaces the manual HR verification process while increasing the protection of sensitive data.

TechRseries
Jul 13th, 2023
Truework announces Guardian HR product to securely automate income verifications for Payroll providers

In 2021, Truework launched the Payroll Network alongside Gusto and Rippling to allow payroll providers to customize data sharing settings for employers and employees on their platform, improving data transparency and control.

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