Truv, which simplifies income and employment verification processes, has closed its Series A funding round on $25m.
The investment was led by Kleiner Perkins, with contributions also coming from NYCA, Abstract Ventures, Fathom Capital, Elefund, Soma VC and Function. As part of the deal, Kleiner Perkins partner Ilya Fushman has joined the Truv board of directors.
Truv, which was formerly Citadel API, aims to create a one-stop solution so financial institutions can make quick, high-quality decisions and accelerate turnarounds.
It launched in 2020 with a consumer-permissioned instant verification infrastructure connecting financial institutions to over 120 million US employees.
The company claims income and employment verification might seem insignificant, but they are crucial to an individual’s access to essenetial services like mortgages, loans and employment.
Kleiner Perkins partner Ilya Fushman said, “Truv is leading the industry in bringing an all-in-one verification solution into the hands of enterprise institutions. 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.”
Copyright © 2018 RegTech Analyst