Access to credit is fundamental to our lives - whether it’s buying a home, leasing a car, getting insurance, or any kind of loan. But traditional measures for assessing credit are becoming increasingly less accurate in a world where people work part time, have multiple sources of income, and switch jobs frequently. In this new world, employment status and duration, as well as income, are critical to creditworthiness.
Historically, employment and income information has been siloed in payroll and banking systems, and access to this data has been locked up behind expensive contracts. The high costs of accessing this information have limited its use, which ultimately hurts consumers directly through passthrough expenses and indirectly by limiting experimentation with data and thus product offerings. But with advances in consumer data access and protection it’s now possible to unlock this data and make it accessible.
Truv is doing just that - they have built a platform that allows consumers to pull their employment data and give financial service providers access to it in order to better assess their credit and unlock access to products. The product is a complete solution for businesses that need to offer financial products to broad segments of people with high accuracy and significantly lower costs than existing offerings.
We met Truv founders Kirill and Ilya at the beginning of their journey and have been impressed with the team they’ve built and progress they’ve made in a short amount of time. Within just two years of founding, Truv covers more than 120M Americans via 50 integrations with payroll providers, and over 2000 custom-built connections to specific employers. They’re working with the majority of the top 10 background screening companies, 3 out of top 10 largest mortgage lenders, some of the top 20 banks in the US, and have partnered with the major credit bureau Experian.
The way we live our lives and work will continue to evolve rapidly, and we’ll need financial services infrastructure that keeps up with these changes. We are thrilled to lead the Series A of Truv and help make access to great financial products as easy as a few clicks for consumers and businesses alike.
ー ilya