Verifications provider Argyle announced Tuesday that it has raised $30 million in new funding, upping its total to $100 million since its inception in 2018.
This round of funding — which includes a mix of equity and debt — will be used for the company’s adoption and expansion of its automated income and employment verification platform, the firm said.
Rockefeller Asset Management’s Fintech Innovation Fund led the funding, with return investors Bain Capital Ventures, SignalFire and Checkr also participating in this funding round.
Argyle processed more than 1.6 million verifications in 2023. It now covers direct-source income and employment verifications for 90% of the U.S. workforce.
In effect, income and employment data for 220 million U.S. consumers can now be verified digitally, compliantly and nearly instantly through Argyle, according to its website.
The company says it offers up to 80% lower verification costs than other data providers.
In 2023 alone, the firm onboarded more than 90 new customers, bringing its total customer count to more than 140 across the mortgage, personal lending and background screening verticals.
“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,” said Chris Randazzo, portfolio manager of the Rockefeller Fintech Innovation Fund.
Argyle’s notable partnerships include integrations with Dark Matter Technologies, ICE Mortgage Technology and Fannie Mae.
The collaboration with Dark Matter Technologies, announced this past December, made it easier for mortgage lenders to order Argyle’s verification of income (VOI) and verification of employment (VOE) through the Empower loan origination system (LOS).
In November 2023, the firm partnered with ICE Mortgage Technology to allow lenders access to real-time income and employment data for borrowers throughout the loan origination process.
Lenders using ICE Mortgage Technology can tap into consumer-permissioned income and employment data via Argyle’s secure connections directly to the payroll source.
Argyle announced its integration with Fannie Mae’s Desktop Underwriter (DU) program in October, becoming the first DU-authorized report supplier to offer automated income and employment verification reports based on consumer-permissioned, direct-source data.
