Lithuanian entrepreneur Audrius Zujus‘ Argyle has secured $30 million in funding led by Rockefeller Asset Management‘s Fintech Innovation Fund, with participation from existing investors Bain Capital Ventures, SignalFire, and Checkr. The company’s platform offers automated income and employment verification, helping customers drive efficiency and mitigate fraud. Argyle plans to use the funding to fuel its continued adoption and expansion, focusing on customer adoption and broadening its enterprise account roster, bringing its platform to more institutions and industries.
Despite market headwinds, customers have increasingly sought a more reliable, affordable, and scalable approach to income and employment verifications. By leveraging Argyle’s comprehensive, real-time access to direct-source data, customers drive efficiency and mitigate fraud at a fraction of the cost of legacy verification providers.
“We have been nothing short of impressed with Argyle’s disruption in automating income and employment verifications,” said Chris Randazzo, Portfolio Manager of the Rockefeller Fintech Innovation Fund, who has joined Argyle’s Board of Directors. “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.”
Argyle, founded in 2018 and headquartered in New York City, is a leading provider of direct-source access to real-time income and employment data. Their platform automates critical workflows like income and employment verifications, deposit switches, wage advances, and loan repayments, enhancing efficiency, reducing risk, and enabling scalability for businesses in industries such as mortgage, background checks, personal lending, banking, and the gig economy.
Having raised over $100 million since its inception, Argyle has experienced remarkable growth, adding more than 90 new customers in 2023, including 40 larger enterprises. This brought their total customer count to over 140 across various sectors. During this period, Argyle processed more than 1.6 million annual verifications, covering direct-source income and employment verifications for 90% of the U.S. workforce. The company achieved significant growth in bookings, generated cost savings for its customers, and built integrations with key partners in the lending ecosystem. Notably, Argyle became the first consumer-permissioned provider to be integrated into Dark Matter’s Empower LOS, supporting Day 1 Certainty® as an authorized report supplier for Fannie Mae’s Desktop Underwriter® (DU®) validation service.
“We have experienced immense growth since our founding, especially in the last year,” said Shmulik Fishman, Argyle CEO and Founder. “Our verticalized approach and direct-source model has provided accurate data and an enhanced consumer experience for our customers. 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.”
In their next phase of growth, Argyle plans to focus on continued customer adoption by implementing support services to broaden their enterprise account roster, bringing their platform to the institutions and industries that need fast, easy, and cost-effective verification solutions most.
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Read the orginal article: https://arcticstartup.com/audrius-zujus-argyle-raises-30m/
