Truework Secures $50M in Series C Funding for Streamlining Employment Verification

10 ways to fund your neurodegenerative disease research (that aren't just  the government) - NanoTemper Technologies

10 ways to fund your neurodegenerative disease research (that aren't just  the government) - NanoTemper Technologies

The startup landscape has witnessed remarkable growth in recent years, with significant investments pouring into niche startups. In 2021 alone, investors provided nearly $330 billion in funding, with late-stage ventures receiving a staggering $208 billion—almost double the previous year’s figures. One standout company that has caught the attention of investors is Truework.

This trend underscores a few key facts. Firstly, investors are enthusiastic about supporting innovative ventures. Secondly, The New York Times’ prediction that the passion for startups, especially in the tech sector, would continue unabated has proven to be accurate. Lastly, successful companies should not hesitate to pursue additional funding rounds.

After demonstrating its value and successfully securing series A and series B funding, Truework has once again returned to the funding arena. As a result, the founders have secured an impressive $50 million in series C funding in 2022.

However, Truework’s significance extends beyond its substantial funding achievement. Like many startups, its success stems from identifying a problem and simplifying it—specifically, employment verification. This issue was largely overlooked, with few addressing it. Truework’s solution involves safeguarding sensitive identity information for consumers while strengthening the relationship between companies and applicants.

Truework Revolutionizes Income and Employment Verification

When applying for a job, you can expect the interviewer to inquire about your work history. This is a standard practice. Employers typically ask about past employers and the approximate dates of employment.

At this point, the prospective employer has two options. They can either take your word for it or undertake extensive verification efforts to confirm the accuracy of your work history.

Opting for the first choice is not advisable. A 2020 survey conducted by ResumeLab revealed that 27% of professionals admitted to lying about their job experience during interviews. This means there is a one-in-four chance that an applicant’s work history might not be entirely truthful.

Therefore, the second option is preferable. However, it can pose challenges, including delays in the hiring process and potential risks associated with sharing candidate information with third parties.

This is where Truework steps in. Leveraging its proprietary technology and extensive network, Truework can verify employment and income records. Employers simply need to log into the platform, input candidate information, and ask candidates for consent to release their work history to the inquiring employer. If granted, Truework initiates the verification process and delivers the results to the employer.

Enhancing the Recruitment Experience for Both Employers and Candidates

It is important to note that the benefits offered by Truework extend beyond protecting employers from fraudulent applicants. Truework’s innovative solution also safeguards the interests of new hires. The advantages of Truework include enhanced data security, significant time savings, and streamlined worker onboarding.

For example, Truework employs the same secure HTTPS using TLS 1.2 protocol trusted by financial institutions to ensure data safety. Additionally, as employees must authorize the release of their data, they maintain control throughout the process. With round-the-clock high-level threat scans, Truework ensures data remains securely stored and only accessible when necessary.

Despite this high level of protection, Truework’s verification process remains swift. Approximately 80% of all pre-employment verification checks are completed within a tight 48-hour window. Truework achieves this efficiency through its partnerships with over 150 payroll providers and access to a database of 35+ million employee records.

How does this benefit the onboarding process? Anyone who has experienced the frustration of a lengthy onboarding process knows the value of a swift verification of their background credentials. The faster your information is verified, the sooner you can start working and earning.

According to an article in the Harvard Business Review, only 12% of workers rate their employers highly for onboarding. This indicates ample room for improvement across the board, starting with expedited income and employment verification.

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