Identity verification startup Truework raises $12M from Sequoia and others
Identity verification startup Truework today said it has raised $12 million in new funding to scale up its product and engineering teams and expand the scope of its identity platform for consumer and enterprise users.
The Series A round was led by Sequoia Capital and included Stanford University, Khosla Ventures, Menlo Ventures and Founder Collective.
Founded in 2017, Truework, formally called Zethos Inc., is building a network for verified identity that is claimed to put consumers in control of their sensitive personal information. The company is primarily focused on verifying employment and income data for the lending and housing markets.
The company does so by digitizing data for human resources departments, banks and others to make it easier for employees to be verified when apply for things such as loans and apartment rentals. Described by some as being an alternative to the likes of Equifax Inc., Truework doesn’t so much act as a traditional credit reporting agency but at the same time offers not-dissimilar services in terms of proving financial capacity data to lenders and those who rent homes and apartments.
Trueworks’ platform integrates with human resources and payroll systems to automatically process employment and income requests. With an emphasis on privacy and permission use, employees are given the power to approve or deny any request for their information while also allowing those requesting the information easier access to it when approval is granted.
The company claims more than 3,000 financial institutions as customers with Truework’s platform already verifying data for over $2 billion in home loans.
“We are working to fundamentally change the data economy, in which credit bureaus continue to squeeze profits by abusing the privacy of consumers,” Ryan Sandler, co-founder and chief executive officer of Truework, said in a statement. “When third parties receive access to private data, it is often a complete black box for individuals. Truework is bringing these processes front and center, putting more control into the hands of the consumer.”
Including the new funding, Truework has raised $14.9 million to date.
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