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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
Embedded finance player Railsr closed a $46 million Series C round comprised of $26 million in equity and $20 million in debt.
Company CEO and Co-founder Nigel Verdon is calling the investment “a significant step” in the company’s route to profitability.
The new capital brings Railsr’s total funding to $187 million.
Four months after rebranding from Railsbank, embedded finance platform Railsrclosed $46 million in funding today. Company CEO and Co-founder Nigel Verdon is calling the investment “a significant step” in the company’s route to profitability.
The Series C round consists of $26 million of equity, which was led by Anthos Capita and included existing investors Ventura, Outrun Ventures, CreditEase, and Moneta. The rest of the round was comprised of $20 million in debt, which was led by Mars Capital.
Railsr said that the new capital, which brings its total funding to $187 million, will empower the company to continue to invest in its platform and help it enable its customers to offer embedded finance experiences to their end users.
“We set out to challenge old finance and this is what we will continue to do. Our strategy and success to date has come from the way we prioritize customers, invest in technology, empower teams and execute relentlessly to continue our journey,” said Verdon.
With more than 300 customers– including HelloCash, Sodexo, and Payine– Railsr offers a range of embedded finance offerings. The company believes that customers want to focus on frictionless and fun experiences, not finance. Railsr offers banking-as-a-service, along with embedded payment cards, mobile wallets, credit tools, and rewards tools.
Railsr has been keeping busy as of late. Along with its rebrand, the company recently appointed Rick Haythornthwaite as its first Chairman, promoted Chief Product Officer Stuart Gregory to Chief Operating Officer, and promoted Jane Thorburn to serve as Chief of Staff.
Headquartered in the U.K. and founded in 2016, Railsr declined to disclose its current valuation but referred to it as a “fair value.”
HSBC has tapped Nova Credit to integrate the company’s Credit Passport, a cross-border credit data product.
As part of the partnership, Nova Credit received a $10 million investment, bringing its total funding to more than $79 million.
HSBC deployed Nova Credit’s Credit Passport at HSBC Singapore in May and plans to expand its use of the solution later this year to cover more country bureaus.
Consumer-permissioned credit bureau Nova Creditreceived $10 million in funding this week. The investment, which boosts the California-based company’s total funds to over $79 million, came from HSBC Ventures.
Under the strategic partnership, Nova Credit will provide HSBC with access to Credit Passport, its cross-border credit data product. Credit Passport essentially translates consumer credit across geographical borders, providing residents who are new to a country with access to financial products that require credit, such as loans or mortgages.
By leveraging Credit Passport, HSBC will have access to a customer’s translated credit history, after receiving permission from the customer. This not only increases HSBC’s potential client base, but it also increases the speed of the bank’s decisions.
“Accessing credit in a new market can be a challenge and is something we’ve been helping customers with for years,” said HSBC Group Head of Retail Banking and Strategy, Wealth and Personal Banking Taylan Turan. “We’re excited to be partnering with Nova Credit, to improve our ability to do this even more, with its innovative digital Credit Passport. We’re proud to be the first organization to offer this to customers in Singapore.”
HSBC Singapore integrated Credit Passport in May, enabling its applicants to offer the bank permission to access their global credit record and credit score. HSBC Singapore’s implementation of the tool also marked the first use of Credit Passport outside of the U.S.
HSBC elected to launch the use of the product in Singapore because thousands of its Singapore-based clients have recently moved to the country from India, where they have credit history. The bank plans to expand its use of the solution later this year to include customers with a credit history in Australia, the U.K., and the Philippines, and plans to cover more country bureaus in 2023.
Nova Credit launched in 2016 and has since built relationships with credit bureaus in more than 20 countries. Partnering with the credit bureaus has given the company consumer-permissioned access to over one billion credit profiles. Nova Credit also has partnerships with lenders including American Express, SoFi, Yardi, and Verizon.
Agora Data received a $100 million revolving credit facility from Credit Suisse.
The company anticipates the funds will help it expand how it delivers capital to loan originators who offer in-house financing.
The news comes just under a year after Agora Data unveiled its reducing rate line of credit.
Auto lending technology company Agora Dataannounced today it received $100 million in financing. The funds come in the form of a revolving credit facility from Credit Suisse.
Agora Data, which helps non-prime borrowers obtain credit, anticipates the funds will help it expand how it delivers capital to loan originators who offer in-house financing solutions. The company offers auto dealers competitive financing and tools such as AI and machine learning modeling. Ultimately, Agora Data helps lenders build loan portfolios with high predictability and improved performance when lending to non-prime customers.
The company also offers AgoraInsights, a product that helps dealers maximize portfolio performance, reduce risk, and manage cashflow.
“This $100 million credit facility adds to Agora’s other capital strategies and is the latest of many strategic steps that support the expansion of our core mission to provide highly accurate loan performance data and low-cost capital to auto dealers who serve the non-prime buyer,” said Agora Data CEO Steve Burke.
Since the company was founded in 2017, Agora Data has closed multiple crowdsourced securitizations using its AI and machine learning algorithms. Last year, the company launched a reducing rate line of credit offering. The interest rate on this credit offering reduces over time, provides the borrower with the flexibility to draw cash as they need it, and does not charge origination or unused line fees.
The round was led by American Family Insurance Institute for Corporate and Social Impact.
The investment brings CNote’s total funding to almost $15.5 million.
Investment platform CNoteraised $7.25 million today in a round that boosted the company’s total funds to almost $15.5 million.
The Series A round was led by American Family Insurance Institute for Corporate and Social Impact. Astia Fund, BankTech Ventures, Commerce Ventures, CityRock Venture Partners, and other investors also contributed.
The company plans to use the funds to advance its technology, expand its sales team, and deepen its network of community financial institutions.
CNote was founded in 2016 to close the wealth gap by enabling investors to invest in an economy that works for all populations, especially those in underserved communities. Using the CNote platform, corporations, institutions, and individuals can invest in fixed-income and time deposit products that are vetted to help advance economic equality, racial justice, gender equity, and climate change adaptation. When an investor places funds into CNote, the company directs the money into deposit and loan products through its network of over 2,000 ESG-focused community financial institutions.
“We’re addressing a massive systemic problem with a market-friendly platform that has already been adopted by forward-thinking corporations and other institutions,” said CNote CEO and Founder Catherine Berman. “By pumping hundreds of millions of dollars into undercapitalized communities, CNote is activating corporate dollars for systemic change while minimizing risk.”
Seeing an investment in an ESG-focused company is not surprising, despite the current funding dry spell taking place across the fintech industry. End consumers are more hungry for ESG-related products than ever, and the industry has been struggling to keep up with demand in this arena. We can expect to see more funding go toward companies touting ESG missions in the latter half of this year.
Decentralized credit platform Credix raised $11.25 million in funding.
The Series A round was led by Motive Partners and ParaFi Capital and boosts Credix’s total funding to $13.8 million.
Credix will use the funds to enhance platform development, increase staff, and integrate with Web3 projects.
Decentralized credit platform Credix raked in $11.25 million today. The Belgium-based company’s Series A funding round was led by Motive Partners and ParaFi Capital with contributions from Valor Capital, MGG Bayhawk Fund, Victory Park Capital, Circle Ventures, Fuse Capital, and Abra.
Credix will use the funds to boost platform development, increase staff, and integrate with Web3 projects.
The round follows Credix’s December 2021 Seed round and brings the company’s total funding to $13.8 million. Company CEO Thomas Bohner described the round as the“next major step” in bringing Credix’s protocol and platform for credit investing to investors.
Credix launched last year to develop a credit platform that matches institutional investors and fintech lenders, bridging DeFi and real-world assets. The company enables finfech companies and non-bank lenders to convert their receivables and real assets into investment capital. Credix leverages USDC and smart contracts to offer instant settlement and transparency.
Since its launch, Credix has gone live in Brazil and has originated more than $23 million active loans in in the past six months. The company will launch in additional geographies “soon.”
New York-based identity decisioning platform Alloy has raised $52 million in funding at a valuation of $1.55 billion.
Alloy will use the additional funding to help it respond to global demand in the wake of its recently announced international expansion.
Alloy made its Finovate debut at FinDEVr Silicon Valley in 2016.
Alloysecured $52 million in new funding today. The identity decisioning platform for banks and fintechs announced that the investment, led by Lightspeed Venture Partners and Avenir Growth, gives the New York-based company a valuation of $1.55 billion. The capital will help Alloy respond to growing global demand for its fraud prevention solutions.
Existing investors Canapi Ventures, Bessemer Venture Partners, Avid Ventures, and Felicis Ventures also participated in the funding. This week’s investment comes almost one year after the company raised $100 million at a valuation of $1.35 million.
“We feel incredibly lucky to have partners that not only understand the impact of our investments into our platform and in expanding globally but also proactively come to the table to support them,” Alloy co-founder and CEO Tommy Nicholas said when this week’s investment was announced. “With this newest investment we’ll be able to accelerate our growth and better address the global fraud challenges that companies are facing.”
Alloy demonstrated its technology at our developers conference, FinDEVr Silicon Valley 2016. At the event, the company discussed how its technology enables businesses to build fully-customizable APIs for customer identification and compliance. In the years since then, Alloy has grown into a fraud-fighting unicorn with more than 300 companies using its API-based platform to automate identity decisions during the account origination process and monitor those decisions on an ongoing basis. Leveraging more than 160 data sources, Alloy enables institutions and companies to pull customer, credit bureau, and alternative data through a single point of integration to help them find and onboard good customers without increasing their exposure to potentially fraudulent activity.
Over the past 12 months, Alloy has experienced revenue gains of more than 2x. Processing more than a million decisions daily, Alloy includes Ally Bank, Ramp, and Evolve Bank & Trust among its customers. The company was named to the seventh annual Forbes Cloud 100 last month, a roster of the world’s top private cloud companies. In August, Alloy also announced that its fraud and risk decisioning platform is now officially available in 40 countries in North America, EMEA, Latin America, and APAC.
“We’ve identified a clear need in the global market for Alloy, particularly with the recent rise in fraud, fines for poor implementation of regulatory requirements, and the growth of embedded finance,” Alloy Head of Global Edwina Johnson said. “We’re excited to bring Alloy’s unique platform, and team, to companies operating worldwide.”
Fintech-as-a-service innovator Solid raised $63 million in Series B funding this week.
Solid offers a platform that enables businesses to build and scale embedded fintech products into their own solutions.
The company, which made its Finovate debut in 2019 as “Wise,” will use the investment to accelerate its expansion into “fintech-ready” verticals such as travel, health care, and the gig economy.
Fintech-as-a-service company Solid has raised $63 million in Series B funding. The company offers infrastructure to enable companies to launch and bring to scale embedded fintech solutions. The round was led by FTV Capital. Existing investor Headline also participated.
“We built the most comprehensive fintech infrastructure from the ground up, so others don’t have to,” Solid co-founder and CEO Arjun Thyagarajan said. “Now, any company can quickly spin up bank accounts, crypto wallets, send payments, and issue cards to their end users, right into their product experience, while Solid does the heavy lifting of building and maintaining compliant fintech infrastructure.”
Solid made its Finovate debut at FinovateFall 2019 as “Wise.” At the conference, the company demonstrated its small business banking-in-a-box offering that included a checking account, payments, invoicing, cards, and point-of-sale solutions. The company rebranded as Solid last year as part of a pivot to highlight the modern banking platform they had used to launch their Wise business banking solution.
“We went from powering the Wise app to powering other products and ecosystems,” Thyagarajan and company co-founder and President Raghav Lal wrote at the Solid website last spring. “Along the way, we realized our brand and our positioning needed to change, too. And today, we are making the change and excited to share that Wise is now Solid.”
Solid will use the new capital to help fuel the company’s accelerated expansion into what it calls “fintech-ready” verticals like travel, construction, healthcare, and the gig economy. The company’s fully abstracted fintech-as-a-service platform gives developers the tools they need to easily embed fintech products into their offerings. Solid reports that fintech programs that build and launch on its platform own the experience and have little or no regulatory overhead. Solid’s technology also leverages modern APIs and a minimal-code approach to make integration easier. Companies that have used Solid’s platform include fellow Finovate alums like Paystand, as well as SaaS companies such as Everflow and emerging startups like Starlight.
Founded in 2018, Solid is headquartered in San Mateo, California. This week’s investment brings the company’s total funding to more than $80 million according to Crunchbase. Solid reported a 10x growth in revenues, customer base, and transactions processed last year. More than 100 fintech programs and $2 billion in transactions have been processed on the company’s infrastructure year to date.
It’s been nearly five years since Hong Kong-based Chekk made its Finovate debut at FinovateAsia. The company, co-founded by CEO Pascal Nizri, is a B2B2C digital identity ecosystem that shifts ownership of personal data from businesses to individuals as part of its strategy to provide better, more seamless identity verification services.
“We all know how reluctant Internet users have become to share personal data online,” Chekk co-founder and Chief Operating Officer Benjamin Petit said from the Finovate stage during his company’s demo. “On the other side regulators are forcing banks and financial service providers to collect an increasing amount of data for compliance reasons. And this done during lengthy and painful KYCs that are costly for banks.”
Via a mobile app, Chekk empowers individuals to own their own personal data and control how much of their data they share. At the same time, businesses get access to a secure online or API-based platform that enables them to make data requests and conduct other customer interactions – from onboarding due diligence and ID verification to secure messaging for chats and statements – seamlessly.
Chekk’s SaaS solutions help the company’s retail, private, and corporate customers manage a range of digital identity and data portability challenges and operations. These include multi-language AML checks, including Arabic, Russian, and Chinese, as well as identity verification for more than 200 countries, biometric digital signatures, tools to create and maintain digital forms, a secure encrypted data wallet, and global connectivity to more than 400 million business data sources.
Bain Capital is the latest financial institution to choose Chekk as its partner when it comes to digital identity verification. With $155 billion in assets, the Boston-based alternative investment firm announced in July that it will leverage Chekk’s technology to provide KYB verification for businesses, merchants, and third parties, as well as KYC for individual customers.
The Bain partnership news comes in the wake of Chekk’s announcement of a significant investment (described as “multi-million dollar”) in a round led by HSBC Alternatives, a wing of HSBC Asset Management. The funding builds on previous funding from investors such as SOSV and LeFonds, a pair of venture capital firms, as well as individual investor David Gurle, founder of Symphony Communications Services.
“Thanks to its founders’ hands-on experience, Chekk is building a suite of services that extends well beyond compliance-driven KYC/KYB and puts commercial relationships at the core of its value proposition,” HSBC Asset Management Head of Venture and Growth Investments Remi Bourrette said. “This resonates with our fintech fund’s themes of improving access to financial services while managing the risks arising from criminal activities.
Have we arrived at a reckoning for Hong Kong-based fintech? While the clamp down on Big Tech in China has gotten most of the attention from international technology analysts and observers, the impact on fintech developments in Hong Kong have been relatively overlooked. A recent survey conducted by Google and financial consultancy Quinlan & Associates suggests that the fintech industry in Hong Kong could be in for challenging times.
Specifically, the survey revealed that 60% of the 120+ C-suite executives from early- and late-stage private fintechs contacted felt that Hong Kong was “relatively uncompetitive compared to other fintech hubs.” Among the reasons cited were the city’s regulatory environment, which was viewed as “costly, complex, and time-consuming,” as well as a “talent gap” that had been made worse by the COVID-19 pandemic. This talent gap extends beyond technical and product innovation roles to include sales and marketing talent, as well.
Hong Kong has been responsive to these challenges, according to a report from South China Morning Post. The city’s central bank, the Hong Kong Monetary Authority, unveiled a four-year plan in June – the Greater Bay Fintech Talent Initiative – that included a pledge to “groom all-round fintech talent” and to provide greater funding assistance for fintech projects. The initiative will feature the support of 20 financial institutions including HSBC, Goldman Sachs, Bank of America, JPMorgan Chase, Citigroup, and Hong Kong’s stock exchange. Tech giant Ant Group will also participate in the initiative — the only tech-based company to take part.
“While nurturing local fintech talent has been one of Ant Group’s key missions for years,” Ant Group EVP for strategy development and government affairs Jennifer Tan said, “it’s the group’s honor to join partners from various aspects in cultivating tech talent through the Greater Bay Fintech Talent Initiative.”
Here is our look at fintech innovation around the world.
Sub-Saharan Africa
QED Investors invests more than $50 million in Nigerian fintech TeamApt that specializes in business payments and banking platforms.
Australia’s Heritage Bank teamed up with Convera to launch its new online international payments solution.
Convera was formerly known as Western Union Business Solutions (WUBS) and was acquired for $910 million in 2021 and subsequently established as a standalone company.
Hello Clever raised $3.1 million (A$4.5 million) in seed funding in a round led by Vectr Fintech Partners. The company enables shoppers to get real-time cash back from participating merchants.
A pair of fintech headlines out of Australia have caught our eye at mid-week. First up, Heritage Bank, a financial institution based in Queensland and serving customers across the country, announced the launch of its new online international payments offering, courtesy of a partnership with Convera. The new service will enable Heritage Bank customers to send and receive money to locations around the world directly from their online and mobile bank accounts. The service will be available 24 hours a day, regardless of where the banking customer lives, and operates in near real-time.
“With the explosion of online purchases now taking place across international marketplaces, our new international payments service provides a seamless facility for our members,” Heritage Bank CEO Peter Lock said. “This fantastic new service allows our members to send and receive money internationally, direct from our online and mobile banking system, in close to real time and around the clock no matter where they are.”
The new service is made possible thanks to a partnership with Convera, a payments technology solution provider known up until recently as Western Union Business Solutions (WUBS). Western Union sold WUBS to Goldfinch Partners and The Baupost Group for $910 million last year, and the company subsequently was set up as a standalone entity – Convera. Processing more than $110 billion in total payments volume in 2020 and more than $170 billion in 2021, WUBS represented 7% of Western Union’s revenues in 2021.
On its own, Convera is the largest non-bank fintech in the international B2B payments industry with capabilities in more than 140 currencies across 200+ countries and territories, and more than 60 international banking partners. The company also has more than 30,000 SMBs, financial and educational institutions, law firms, and NGOs among its customers.
“Our research forecasts that one-third of post-COVID economic recovery in Australia will come from modern, digital, deliverable services which is why we’re committed to supporting and implementing the digital transformation of financial institutions and providing the tools and solutions to do so,” Convera Regional Vice President and Head of APAC Sam Fitzpatrick said.
Second up: Hello Clever, an Australia-based fintech that gives consumer’s real-time cash back, has raised $3.1 million (A$4.5 million) in seed funding. The round was led by Vectr Fintech Partners and featured participation from CrossFund, Yolo Investments, Magnivia Ventures, Son Tech Ventures, Boston Ventures, and others.
“2022 has been an exciting year,” Hello Clever co-founder and CEO Caroline Tran wrote on the company’s blog this week. “We have been working diligently to launch our full suite of products and now we have achieved a significant milestone – being the first company to pioneer ‘Buy to Earn’ or a new category in payments that democratizes rewards in a different way.”
Hello Clever’s “buy-to-earn” ecosystem connects shoppers and businesses to make shopping and payments an easier, more seamless process for all involved. Offering itself as an alternative to Buy Now, Pay Later platforms, Hello Clever leverages open banking, fast payments, and AI to help consumers locate the best merchants for their shopping preferences and then provides cash back in real time when consumers shop at participating retailers. Hello Clever also gives consumers the ability to track their spending in real-time across bank accounts. The company’s real-time payment API is powered by the New Payments Platform (NPP), PayTo, and PayID.
“We want to introduce a new ecosystem that allows consumers to be financially healthier and our merchant partners to increase sales (and) reduce operating costs,” Tran wrote. “That’s why we are not a single product – it’s a ‘Clever way’ of executing payment strategies to achieve better business outcomes. From Hello Clever as a consumer facing app, we know have evolved into building Hello Clever Business, Hello Clever Business API, and Hello Clever Yield – which is our path into financial investing for Gen Zs.”
Founded in 2021, Hello Clever is headquartered in Surry Hills, New South Wales.
BankiFi announced a $4.8 million funding round today led by Praetura Ventures.
The U.K.-based company will use the funds to expand into the U.S. and inch closer toward its mission to serve two million SMBs across four continents by 2024.
The Series A round brings BankiFi’s total funding to $8.5 million.
Embedded banking solutions firm BankiFilanded $4.8 million today to help fuel its expansion into North America. The Series A round brings BankiFi’s total funding to $8.5 million. The investment round is led by Praetura Ventures and will help U.K.-based BankiFi further its mission to serve two million SMBs across four continents by 2024.
“BankiFi has proven to be an industry-leading open cash management provider in Europe, Australia, New Zealand and other countries,” said Praetura Ventures Managing Director David Foreman. “Now that they have launched in North America, BankiFi has an opportunity for dramatic growth.”
Founded in 2018, BankiFi empowers banks to offer their small business clients a cash management platform that helps with accounting, access to working capital, invoicing, and payments. By embedding a bank within their clients’ existing accounting systems, it becomes part of the business’ daily workflow.
“Our mission is to make all aspects of cash management and payments easier for SMBs everywhere, and this investment is another huge step to making that a reality,” said BankiFi Americas CEO Keith Riddle.
In April, BankiFi launched its Open Cash Management Platform, or what it calls a “super app” for small business banking that bolstered the company’s previous offering by combining embedded banking and open banking. Earlier in the year, the company was tapped by U.K.-based TSB to launch a new app that helps small businesses get paid faster.
BankiFi has offices in Ohio, Manchester, Sydney, and Antwerp, and recently appointed Tom Shen as chair of its board of directors. Mark Hartley is CEO.
Paytech Finix secured $30 million in funding last week.
The investment takes the San Francisco, California-based payment facilitator’s total capital to $133 million.
Founded in 2015, Finix includes Kabbage, Pay Theory, and Passport among its customers.
San Francisco, California-based paytech Finix announced a $30 million investment last week. The funding featured participation from both new and existing investors, and brings the company’s total capital raised to $133 million. Finix reported that it will use the new financing to support the addition of new features to make it easier for software platforms to better manage their payments and merchants.
“The next generation of fintech is all about businesses embedding financial services when and where their customers need them most,” Bain Capital Ventures Managing Director and Finix board member Matt Harris said in a statement. “Finix is a leading example of the type of state-of-the-art payments infrastructure provider that makes this embedded experience possible.”
Calling Q2 2022 its best quarter to date in terms of new deals closed, Finix helps software platforms enable and enhance payment processing. The payment facilitator’s white-label API gives companies the ability to accept payments, manage payouts, and onboard merchants, in order to help produce greater revenues from the payment process. Underwriting, reconciliation, and dispute management are also features of Finix’s platform.
The investment comes as Finix acknowledges a number of significant accomplishments. These include becoming a registered payment facilitator, doubling total annual payments volume from 2020 to 2021, and expanding its suite of in-person payment devices and capabilities. In a blog post at the company website in May, Finix co-founder and CEO Richie Serna highlighted the firm’s recent achievements, concluding “if you compared Finix to Nilson’s 2021 list of top U.S. merchant acquirers, we would rank in the top 50 based on TPV and merchant count.” Serna noted that Finix supports more than 12,000 active small businesses, schools, and places of worship each month.
Participating in Finix’s recent investment were The General Partnership (TheGP), Franklin Templeton, American Express Ventures, Acrew Capital, Bain Capital Ventures, Cap Table Coalition, Homebrew, Insight Partners, Inspired Capital, Lightspeed Venture Partners, Precursor Ventures, PSP Growth, and Vamos Ventures. Founded in 2015, Finix currently includes Kabbage, Passport, and Pay Theory among its customers.
Truework has raised $50 million to bolster its income verification product.
The Series C round brings Truework’s total funding to $95 million.
G Squared led the round, which the company plans to use to grow its business “through instant, accessible, and accurate consumer data.”
Income and employment verification startup Truework is taking on an extra $50 million in capital today in a Series C round. When added to the $45 million in funding the California-based company has raised since it was founded in 2017, Truework’s total funding now reaches $95 million.
The round was led by G Squared; with contributions from existing investors Sequoia, Activant, and Khosla Ventures; as well as new investors Indeed, Human Capital, and Four Rivers Group. “Support from these incredible teams inspire[s] us to keep building the future of financial identity, and is bolstered by our continued focus on promoting transparency and data ownership for consumers,” the company said in a blog post.
Truework’s goal is to change the way consumers’ personal information is shared during life events such as a home purchase or getting a new job. The company has built a network for verified identity that places the consumer in control of their data by offering them the decision when to share their information and when to withhold it.
Truework anticipates it will power more than 12 million income and employment verifications by the end of this year, which will service more than 20,000 small businesses and 100 enterprises. The company will use today’s investment to help customers grow their businesses “through instant, accessible, and accurate consumer data.”
Last year, Truework launched a few new offerings, including Payroll NetworkPreapprovals, and Credentials. The Payroll Network tool offers consumers visibility into and control over how their data is being shared with third parties and also enables consumers to generate their own employment verification letters. The Pre-approvals product offers lenders more accurate underwriting and increased conversions, while the Credentials tool allows applicants to instantly and directly share their payroll data in their loan application.
“Truework is putting millions in control of their data and streamlining the lending process for both lenders and borrowers,” the company said in a blog post announcement. “Building the future with a consumer first mindset goes into every decision we make, and Series C funding will help us further empower both sides of the verification equation to help build a more efficient, secure, and stable credit system.”
