Argyle Raises $30 Million to Expand Automated Income, Employment Verification
Argyle has raised $30 million in a funding round to fuel the continued adoption and expansion of its automated income and employment verification platform.
The company is embarking on its next phase of growth, in which it plans to implement support services to facilitate continued customer adoption of the platform, Argyle said in a Tuesday (March 5) press release.
“Our verticalized approach and direct-source model has provided accurate data and an enhanced consumer experience for our customers,” Shmulik Fishman, CEO and founder of Argyle, said in the release. “With this capital from our valued investors, we will continue to tailor our solutions to priority verticals while improving the verification experience for the next wave of prospective customers that can benefit from our services.”
Argyle’s platform provides real-time access to direct-source data, helping customers boost efficiency and mitigate fraud, according to the release.
It meets the demand of customers for an approach to income and employment verifications that is reliable, affordable and scalable, the release said.
In 2023, the firm onboarded 90 new customers, bringing the total to more than 140, primarily from the mortgage, personal lending and background screening verticals, per the release. It also processed more than 1.6 million verifications, achieved 360% growth in bookings, and built integrations with several key partners in the lending ecosystem.
Argyle’s solution has disrupted the business of income and employment verifications, Chris Randazzo, portfolio manager of the Rockefeller Fintech Innovation Fund, which led the funding round, said in the release.
“Through partnerships and integrations with influential institutions across sectors, they have become a powerful force in the market, which is exactly why we are thrilled to be leading this funding round and have confidence they will continue this trajectory in 2024 and beyond,” Randazzo said.
In one partnership announced in August 2022, Argyle teamed up with payments FinTech Highline Technologies to bring payroll-linked lending and bill pay capabilities to lenders across the U.S.
Argyle integrated its service into Highline’s platform, which gives lenders the ability to implement decisioning, origination and repayment use cases. The capabilities can be embedded into lenders’ own digital experiences.
The post Argyle Raises $30 Million to Expand Automated Income, Employment Verification appeared first on PYMNTS.com.