Truework Raises Series C Funding to $50M

The last two years have been exceptional for niche startups in need of external funding. According to Crunchbase, investors funded just under $330 billion in 2021. Those seeking late-stage funding did particularly well, bringing in $208 billion, nearly twice the 2020 figures. .the world is Truework.

This model suggests a few facts. First, investors are eager to invest their money in innovations. Second, The New York Times was right with its prediction that the passion for startups, especially for tech startups, isn't going to diminish anytime soon. And third, already successful companies should not hesitate to organize additional funding rounds.

After proving its worth and securing Series A and Series B funding, Truework is back again. As a result, its founders were able to nab $50 million in Series C funding in 2022.

Yet it's not just Truework's big loot that deserves an equally important mention. It's the fact that, like most startups, their success came from identifying one problem and simplifying it, which was employment verification. This problem was unknown to many and few were tackling it. Their solution secures sensitive identity information for consumers and strengthens company relationships with candidates.

Truework's entry into the world of income and employment verification

When you or someone else is trying to get a job, the interviewer will ask you about your work history. Everyone expects this. Prospective employers ask about everything from previous employers to approximate start and departure dates.

At this point, your future employer has two choices. The employer may take your word for it or may go to great lengths to verify that your employment history is correct.

Obviously, no one would recommend the first option. A 2020 ResumeLab survey shows why. It seems that 27% of professionals admit to lying about their professional experience during interviews. This means that there is a one in four chance that a candidate's work history is not on the rise.

So the second option is the way to go. However, this can present several challenges, including delaying the process and putting candidate information at risk while being transmitted between third parties.

This is where Truework comes in. Using its proprietary technology and extensive network system, Truework can verify people's employment and income records. All employers have to do is log into the single platform and enter candidate information. Applicants are then asked if they are comfortable disclosing their work history to the requesting employer. If so, Truework initiates the verification process and forwards the results to the employer.

Improve hiring processes for both sides of the recruiting experience

It should be noted that the inherent benefits of Truework go beyond protecting employers from candidate fraud. Truework's innovative solution also protects new hires. Some of the most vital benefits of Truework involve tighter data security, huge time savings, and easier worker onboarding.

For example, Truework uses the same secure HTTPS using TLS 1.2 that financial institutions rely on for data security. Plus, because employees must give permission for their data to be released, they stay in control every step of the way. With high-level threat analysis performed 24/7, Truework ensures that all data remains stored and is only available in need-to-know situations.

This high degree of protection doesn't slow down Truework's speed, however. About four-fifths of all pre-employment verification checks are completed within a tight 48-hour deadline. Truework's processes are so fast thanks to its relationships with over 150 payroll service providers as well as the ability to leverage a database of over 35 million employee records.

How does this help onboarding? If you've ever gone through a tough time trying to onboard as a new employee, you know how frustrating a long wait can be. The faster your credentials are verified, the sooner you can start working and earning money.

As a Harvard Business Review article...