Truework, an revenue and employment verification platform utilized by banks, lenders, property managers and employers, at this time introduced a strategic partnership and $24 million in fairness funding from client credit score reporting large TransUnion.

Based in 2017, San Francisco-based Truework integrates with third-party providers, corresponding to payroll suppliers, to assist mortgage suppliers and related lenders confirm customers and approve loans straight from inside their very own functions. It may also be utilized by landlords or would-be employers to hold out background checks.

With its newest partnership, which quietly went stay a couple of weeks in the past, TransUnion will successfully be promoting Truework’s revenue verification product alongside its most important credit score product, that means {that a} TransUnion buyer corresponding to a financial institution will be capable of entry each credit score and revenue information via a single API.

“Having each information units accessible by way of the identical API and vendor is highly effective for the lender and buyer,” Truework co-founder and CEO Ryan Sandler defined to TechCrunch. “Particularly for the 1000’s of consumers who already use TransUnion for credit score information.”

The Equifax issue

Right this moment’s announcement comes some 10 months after Truework closed a $50 million Sequence C spherical of funding, and the truth that TransUnion has now made a direct $24 million fairness funding is indicative of how deep the partnership between the 2 corporations is. Though it’s far too early to make any wild predictions, it will not be all that shocking if this funding served as a pre-cursor to a full-on acquisition given the synergies between the duo. Certainly, TransUnion is not any stranger to the world of M&A, having purchased some 10 corporations, together with venture-backed startups, prior to now 5 years alone.

Within the nearer time period, nevertheless, this partnership places TransUnion in a stronger place to compete with the likes of business heavyweight Equifax, which already presents revenue verification alongside its credit score reporting toolset.

“Till not too long ago, Equifax was the one [credit reporting] bureau that had an revenue verification product, they usually had been capable of maximize distribution of this product via established credit score channels,” Sandler mentioned. “This benefit was particularly obvious in mortgage, the place revenue and employment verification has turn out to be required for conforming loans because the Dodd-Frank Act got here into impact. This partnership now permits TransUnion to supply revenue information via Truework and compete straight within the multi-billion greenback revenue verification enterprise.”

From Truework’s vantage level, in the meantime, the partnership helps it achieve considerably extra publicity amongst a number of the world’s largest corporations.

“We’re already in lots of mortgage lenders, and the product drives a ton of worth for these prospects,” Sandler continued. “Now, TransUnion can be distributing the product to new verticals and use instances, from property administration to bank card functions.”