Truv's Series A funding and our plan to modernize income and employment verification
Led by Kleiner Perkins and joined by NYCA, Abstract Ventures, Elefund and Soma VC.
The status quo in income and employment verification is broken. What’s worse: few even know that it is.
Income and employment verification may seem like inconsequential parts of the ecosystem. But an individual’s access to essential services like mortgages, loans, and even employment relies on institutions being able to verify this information. For decades, that information has been inaccessible to the individuals it represents. And established solutions are either manual and slow or expensive with narrow coverage of the US workforce.
Truv, formerly Citadel API, set out to build a one-stop solution to help financial institutions make fast, high-quality decisions, while also providing consumers the benefit of a better experience, faster turnarounds, and access to greater financial opportunities.
Truv launched in 2020 with its consumer-permissioned instant verification infrastructure connecting financial institutions to 120M+ US employees—matching the coverage and conversion rates of more established providers. Soon, Truv will launch its waterfall technology solution. Combined with its consumer-permissioned instant and document upload capabilities, Truv will partner with instant databases and call centers to provide income and employment verification for 90+% of the US workforce.
“Truv has quickly established a strong product-market fit among top ten background screeners and mortgage lenders,” said Kirill Klokov, CEO of Truv. “We’ve already surpassed the incumbent provider on the metrics our customers care about, and this year we’re confident that we can become the one-stop solution for all income and employment verifications.”
While there are other upstarts aiming to displace the incumbent, Truv is laser-focused on doing what’s right for the customer and outperforming on the benchmarks that matter.
“We put honesty and doing what’s right for our customers above all else. That’s why we changed our name to Truv. And why we’re so bold about our benchmarks,” said Kirill Klokov, CEO of Truv. “While competitors try to confuse customers, we’re happy to disclose our benchmarks on coverage and conversion rates so customers know what they’re buying.”
Truv's benchmarks include:
96% coverage of Fortune 1000 companies
95% coverage of the Federal Government employees
83% coverage of the largest US private organizations
50+ integrations with payroll providers
9,200 direct integrations with employers (10X industry average)
On track to serve a few million consumers for income and employment verification in 2022
Recently, Truv announced it has closed a $25 million Series A round led by Kleiner Perkins. As part of the investment, Ilya Fushman will join the company’s board of directors. Kleiner Perkins is joined by NYCA, Abstract Ventures, Fathom Capital, Elefund, Soma VC and Function in this Series A round. Fathom, Abstract and Soma VC previously participated in seed funding.
“Truv is leading the industry in bringing an all-in-one verification solution into the hands of enterprise institutions,” said Ilya Fushman, partner at Kleiner Perkins. “Truv’s continued investment in the product, sales and marketing, and partnerships with key financial institutions, such as Experian, are the right moves to accelerate Truv’s growth.”
First appeared on Business Insider.