Truework Acquisition, Valuation, Funding & Investors
Truework was acquired by Checkr in April 2025.
Cumulative funding Truework raised
$119M
across 5 funding rounds
Key investors in Truework
Khosla Ventures
Sequoia Capital
Activant Capital
Menlo Ventures
Founder Collective
Karman Ventures
Human Capital
Flex Capital
About Truework
Truework is a San Francisco-headquartered platform for automated income and employment verification used by banks, lenders, and property managers. It connects directly to payroll providers like ADP and Workday, enabling instant data access while giving consumers control over shared information. Truework supports mortgage, rental, and loan applications across financial services and fintech sectors through APIs and white-label integrations.
Founded
2017
HQ
San Francisco, CAWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Valuation
$504M (Jun 2023)
Truework Acquisition
Truework was acquired by Checkr for an undisclosed price on 17 April 2025.
Before the acquisition Truework had raised $119M across 5 funding rounds.
Truework, a San Francisco-based income and employment verification platform founded in 2017 by Ryan Sandler, Ethan Winchell, and Victor Kabdebon, uses AI and automation to connect major verification methods into one platform, achieving industry-leading completion and accuracy rates. The company serves thousands of customers, including eight of the top ten U.S. lenders by origination volume such as Rate, PennyMac, and Fairway, as well as property managers via integrations with platforms like Fortress and RentCafe. Checkr, a San Francisco-based background check provider founded in 2014 by CEO Daniel Yanisse and backed by investors like Accel, Y Combinator, Google, T. Rowe Price, and Khosla Ventures, has raised nearly $680 million and was last valued at $5 billion. Checkr signed a definitive agreement to acquire Truework, with the transaction expected to close in Q2 2025 subject to customary conditions; MergerLinks reports completion. The strategic rationale is to expand Checkr's data platform for safe and fair decisions into the multi-billion-dollar employment verification market, enhancing its enterprise segment growth, simplifying verifications with Truework's superior AI-driven workflow (described as 10x better than Checkr's existing product), and accessing new verticals like financial services and property management. Deal terms including structure and valuation were not disclosed by Checkr. The acquisition reflects fintech infrastructure consolidation amid lower valuations and longer paths to IPOs, positioning Checkr as an active acquirer. Truework, a 2025 HousingWire Tech100 Mortgage Winner with over 100 employees, will integrate to power Checkr's background checks with employment data and broaden market reach.
| Acquirer | Date | Type |
|---|---|---|
| 17 Apr 2025 | Strategic M&A |
Truework Valuation
Truework is currently valued at $504M, based on its strategic investment round in June 2023.
The $24M round was led by TransUnion.
Truework's valuation has moved from $504M at its Series B in May 2020 to $504M in June 2023, across 3 priced rounds.
Truework valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jun 2023 | Strategic investment | $504M |
| Aug 2022 | Series C | $400M |
| May 2020 | Series B | $504M |
Truework Funding History
Truework has raised a total of $119M across 5 funding rounds.
Truework's first fundraising round was a $3M seed round in April 2018. The most recent completed round was a $24M strategic investment round in June 2023.
Truework funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2023 | Strategic investment | TransUnion (lead) | $24M | $504M | Truework is a San Francisco-based fintech company founded in 2017, providing an income and employment verification platform used by banks, lenders, property managers, employers, and mortgage providers. It integrates with payroll providers and third-party services like Fannie Mae’s Desktop Underwriter and ICE Mortgage Technology’s Encompass to deliver verified data, helping speed up loan approvals, background checks, and underwriting. The platform offers a one-stop solution for verification of income and employment (VOIE), giving consumers control over their data. On June 14, 2023, Truework announced a strategic partnership and $24 million equity investment from TransUnion, described as a strategic minority investment. This followed a $50 million Series C round in 2022 led by G Squared, bringing total funding to approximately $118.9 million to $122.7 million across six rounds from investors including Sequoia Capital and Khosla Ventures. The investment aims to integrate Truework’s verification services with TransUnion’s credit data via a single API, targeting verticals like mortgage, auto lending, and property management. The partnership positions TransUnion to compete directly with Equifax’s Work Number by offering combined credit and income verification, addressing market demand for efficient VOIE solutions. Truework serves major financial institutions, including 20 of the 25 largest U.S. mortgage lenders, and plans to expand distribution through TransUnion’s customer base. This collaboration is expected to enhance decision-making for lenders with comprehensive consumer insights, potentially evolving into further developments like next-generation VOIE products. TransUnion, active in M&A with 24 acquisitions, sees synergies that could benefit thousands of businesses and millions of consumers through improved data accessibility and accuracy. |
| Aug 2022 | Series C | G Squared (lead); Four Rivers Group; Human Capital; Khosla Ventures; Sequoia Capital; Indeed; Transform Capital; Activant Capital; Karman Ventures | $50M | $400M | Truework is a San Francisco-based fintech company founded in 2017 that provides automated income and employment verification services primarily for mortgage, auto, and consumer lenders, integrating with payroll providers like Gusto, Zenefits, and BambooHR to enable rapid borrower approvals via APIs. The platform also supports background checks for employers and has expanded into consumer lending, serving clients such as Carvana, Octane, Figure, and 20 of the top 25 mortgage lenders including Fairway Independent Mortgage, Caliber, Guaranteed Rate, Citizens Bank, and LoanDepot. Truework connects consumers to over 17,000 lenders, often completing verifications in seconds, boosting applicant conversion by up to 14%, and cutting verification costs per loan by 60%. On August 9, 2022, Truework raised $50 million in a Series C funding round led by G Squared, with participation from returning investors Sequoia Capital, Activant Capital, and Khosla Ventures, alongside new investors Indeed, Human Capital, Four Rivers Group, and others including Karman Ventures and Transform Capital. The post-money valuation for this round was reported as $400-460 million. Proceeds were earmarked for product development, hiring, and fueling growth amid rising interest rates and market uncertainty driving demand for efficient underwriting data. In 2022, Truework anticipated servicing more than 12 million income and employment verification requests from over 20,000 small businesses and 100 enterprises, from local credit unions to large banks. Truework was later acquired on April 17, 2025, and saw a subsequent Series C-2 round in June 2023 at a $504.23 million valuation. |
| May 2020 | Series B | Activant Capital (lead) | $30M | $504M | Truework is a San Francisco-based fintech company founded in 2017 that provides a consent-based identity platform focused on income and employment verification services. It offers an API-led solution that digitizes verification processes for banks, lenders, payroll providers, HR departments, and other high-volume users, enabling instant access to source-of-truth data from payroll partners like Gusto, Zenefits, and BambooHR. The platform addresses pain points in traditional verification, which has been manual, slow, expensive, and opaque, particularly in sectors like mortgages, lending, and hiring. On May 20, 2020, Truework closed a $30 million Series B funding round led by Activant Capital, with participation from existing investors Sequoia Capital and Khosla Ventures, as well as individual technology leaders including Jeff Weiner (LinkedIn), Tom Gonser (Docusign), William Hockey (Plaid), and Daniel Yanisse (Checkr). Activant Capital partner Steve Sarracino joined the board alongside representatives from Sequoia and Khosla. This round brought Truework's total funding to approximately $44.9 million to $45 million, following a $12 million Series A led by Sequoia in 2019 and a $2.9 million seed from Khosla in 2018. The funds were intended to support expansion into new markets, features, and value-added offerings amid COVID-19 impacts, including new products for income/employment APIs and HR workforce tracking. At the time, Truework's employer network included nearly 100 enterprise companies and over 20,000 small businesses. The company positioned itself at the intersection of key consumer transactions like home purchases and job changes, aiming to set standards for consent-based verifications in the digital economy. Subsequent rounds included a $50 million Series C in August 2022 led by G Squared, bringing total funding over $95 million, with the company servicing over 12 million requests in 2022 and accessing 35 million employee records. |
| Jul 2019 | Series A | Sequoia Capital (lead); Menlo Ventures; Stanford University; Khosla Ventures; Flex Capital; Heroic Ventures; Founder Collective | $12M | - | Truework raised $12 million in Series A funding on July 30, 2019, led by Sequoia Capital with participation from Stanford University, Khosla Ventures, Menlo Ventures, and Founder Collective. The company, founded in 2017, provides a verified identity platform that integrates with HR and payroll systems to automate employment and income verification requests, allowing employees to approve or deny access in real time. This digitizes the process for banks, lenders, and others, speeding up applications for loans and rentals while emphasizing user privacy and consent. At the time, Truework's network included hundreds of employers such as The College Board, Oscar Health, InVision, and Tuft & Needle, serving over 3,000 financial institutions. The platform had verified income data on more than $2 billion of home loans and grown to over one million users in one year. The funding was intended to scale product and engineering teams and expand the identity platform for consumer and enterprise users. |
| Apr 2018 | Seed | Khosla Ventures (lead) | $3M | - | Truework is an income and employment verification platform founded in 2017 and headquartered in San Francisco. It provides a service that verifies sensitive identity information with consumer consent, responding to requests from employers, lenders, landlords, and background-check companies using public and private databases. The company had more than 1 million users by mid-2019. Truework raised a $2.9 million seed round in April 2018 led by Khosla Ventures. This was followed by a $12 million Series A round on July 30, 2019, led by Sequoia Capital with participation from Stanford University, Khosla Ventures, Menlo Ventures, and Founder Collective, bringing total funding to $15 million at that point. The Series A funds were allocated to scaling product and engineering teams and expanding scope. Khosla Ventures, the seed lead, is a Menlo Park-based VC firm founded by Vinod Khosla in 2004, with investments across sectors including financial services. Truework continued raising capital, reaching over $129 million across multiple rounds by 2025, when it was acquired. |
Who has invested in Truework?
15 investors have backed Truework across its funding rounds, including Khosla Ventures, Sequoia Capital, Activant Capital, Menlo Ventures, Founder Collective and Karman Ventures.
Lead investors include TransUnion, G Squared, Activant Capital, Sequoia Capital and Khosla Ventures.
Truework Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 3 | Lead | Apr 2018 | |
| San Francisco, CA | 2 | Lead | Jul 2019 | |
| Greenwich, CT | 2 | Lead | May 2020 | |
| San Francisco, CA | 1 | Participant | Jul 2019 | |
| San Francisco, CA | 1 | Participant | Aug 2022 | |
| Chicago, IL | 1 | Lead | Jun 2023 | |
| San Francisco, CA | 1 | Participant | Jul 2019 | |
| San Francisco, CA | 1 | Participant | Aug 2022 | |
| Chicago, IL | 1 | Lead | Aug 2022 | |
| San Francisco, CA | 1 | Participant | Jul 2019 | |
| San Francisco, CA | 1 | Participant | Jul 2019 | |
| United States | 1 | Participant | Jul 2019 | |
| Austin, TX | 1 | Participant | Aug 2022 | |
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Start Free TrialTruework Competitors
Truework competitors include listed companies like CARE Ratings and Finatext, and private ones like Opinion Labs, Pinwheel, Yapily and A5X.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Hong Kong | Private | - | - | $500M | - | |
| New York City, NY | Private | - | - | $500M | - | |
 London | Private | $4M | - | $500M | 125.0x | |
 India | Publicly listed | $49M | $21M | $516M | 9.9x | |
 Brazil | Private | - | - | $524M | - | |
 Japan | Publicly listed | $71M | $13M | $470M | 5.4x |
Truework Public Comps
Truework is no longer listed, but its public comps include GlobalData, CARE Ratings, Finatext, Value Line, HCR Co, CTOS Digital, NZX, Fintel, Bairong AI and Credit Bureau Asia.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $433M | $140M | 1.7x | 1.7x | 5.3x | 5.0x | |||
| $49M | $21M | 9.2x | 9.9x | 21.5x | 20.5x | |||
| $71M | $13M | 6.3x | 5.4x | 34.1x | - | |||
| $33M | $29M | 8.5x | - | 10.0x | - | |||
| $75M | ($3M) | 3.3x | - | (84.3x) | - | |||
| $80M | $28M | 4.4x | 4.1x | 12.6x | 15.6x | |||
| $74M | $30M | 4.0x | 3.4x | 9.8x | 9.2x | |||
| $115M | $18M | 2.7x | 2.8x | 17.3x | 8.4x | |||
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Common questions about Truework
| When was Truework founded? | Truework was founded in 2017. |
| Where is Truework headquartered? | Truework is headquartered in San Francisco, CA, United States. |
| Is Truework publicly listed? | No, Truework was acquired by Checkr in April 2025. |
| Who acquired Truework? | Truework was acquired by Checkr in April 2025. |
| What is Truework's valuation? | Truework was last valued at $504M in its strategic investment round in June 2023. |
| How much funding has Truework raised? | Truework has raised $119M across 5 funding rounds. |
| What was Truework's last funding round? | Truework's last funding round was a $24M strategic investment round in June 2023, led by TransUnion. |
| Who are Truework's investors? | Truework's investors include Khosla Ventures, Sequoia Capital, Activant Capital, Menlo Ventures, Four Rivers Group, TransUnion, Stanford University, Human Capital, G Squared, Flex Capital and 5 others. |
| Which companies are comparable to Truework? | Companies comparable to Truework include Opinion Labs, Pinwheel, Yapily, CARE Ratings, A5X and Finatext. |
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