Keith Rabois, BoxGroup back New York-based Brex competitor

Paribus, which raised just over $2 million from Slow Ventures, General Catalyst, Greylock and others before the M&A transaction, helps online …

Considering its unparalleled success, it was only a matter of time before a Brex copycat emerged.

Ramp Financial, a new startup led by Capital One-acquiredParibus founders Eric Glyman and Karim Atiyeh (pictured), has raised $7 million, TechCrunch has learned. The capital came from Keith Rabois of Founders Fund, BoxGroup’s Adam Rothenberg and Coatue Management, a hedge fund that recently launched a $700 million early-stage investment vehicle.

Ramp Financial, Founders Fund, BoxGroup and Coatue Management declined to comment.

Ramp Financial is in the very early stages of product development, though we’re told, “It’s the same as Brex .” Other details available on the new startup, which raised on a pre-money valuation of $25 million, according to sources, are slim. Even its name may be subject to change.

Brex, founded in 2017 by a pair of now 23-year-olds, created a corporate charge card tailored for startups. The Y Combinator graduate doesn’t require cardholders to submit Social Security numbers or credit scores, granting entrepreneurs a new avenue to credit and method of protecting their credit scores. Brex’s software also expedites the time-consuming expense management, and accounting and budgeting processes for employees. Quickly, it has become essential to the company-building process in Silicon Valley.

It helps that VCs are wild for Brex. The startup has raised more than $300 million in VC funding in only two years. Most recently, it closed a $100 million round led by Kleiner Perkins at a valuation of $2.6 billion.

Given Brex’s rapid growth and the uptick in venture capital investment in challenger banks, or new financial services competing with incumbent financiers, we’re guessing Ramp Financial didn’t have a tough time pitching VCs. Plus, its founders Glyman and Atiyeh have a clear track record of success.

The duo previously built Paribus, a startup acquired by Capital One roughly one year after launching onstage at TechCrunch Disrupt New York 2015. Paribus, which raised just over $2 million from Slow Ventures, General Catalyst, Greylock and others before the M&A transaction, helps online shoppers get money back when prices drop on items they’ve purchased. Terms of Capital One’s acquisition were not disclosed.

Paribus is also a graduate of Y Combinator, completing the startup accelerator in the summer of 2015.

Aside from both completing Y Combinator, the founders of Brex and Ramp Financial share connections to the PayPal mafia. Rabois, a general partner at Founders Fund, was an executive at the business in the early 2000s. PayPal co-founders Peter Thiel and Max Levchin are Brex investors.

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Identity Platform Company Truework Raises $12 Million

Stanford University and existing investors including Khosla Ventures, Menlo Ventures, and Founder Collective also participated in this round.
  • Verified identity platform company Truework recently announced that it raised $12 million in Series A funding led by Sequoia Capital

Truework — the verified identity platform company founded by COO Ethan Winchell, CEO Ryan Sandler, and CTO Victor Kabdebon — gives consumers control over their personal and professional information. And the company recently announced that it raised $12 million in Series A funding led by Sequoia Capital. Stanford University and existing investors including Khosla Ventures, Menlo Ventures, and Founder Collective also participated in this round. Plus Truework also announced that its network that it grew to more than one million users in just one year.

During major transactions ranging from buying a home to applying for a job, banks and other institutions must verify private and sensitive data about consumers. And while many of these activities have shifted to take place online, the process of verifying identity remains stuck in the past as it is plagued by a lack of consumer transparency and accuracy. Starting with employment and income data, Truework secures sensitive identity information, providing details only with consumers’ explicit consent while automating manual workflows for HR departments, banks, and other institutions.

“We are working to fundamentally change the data economy, in which credit bureaus continue to squeeze profits by abusing the privacy of consumers,” said Sandler. “When third parties receive access to private data, it is often a complete black box for individuals. Truework is bringing these processes front and center, putting more control into the hands of the consumer.”

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Truework launched in April 2018 and the company built a platform for employers to integrate with HR and payroll systems to automatically process employment and income requests. And employees are able to approve or deny each request in real time, allowing banks and other institutions to access information without slowing down the application process.

Now Truework’s network is comprised of hundreds of employers including The College Board, Oscar Health, InVision, and Tuft & Needle. And the company serves over 3,000 financial institutions and has verified income data on more than $2 billion of home loans.

“Identity is vital to the health of the sharing economy and other online services, but it is completely broken today. Truework is building the internet’s new identity layer that will bring security and speed to many different transactions. The success they have had in just over a year shows the incredible demand for innovation and privacy in this very outdated space,” added Sequoia Capital partner Alfred Lin — who is joining Truework’s board and also sits on the board of Airbnb, Doordash and others.

This new round of funding will be used for scaling the product and engineering teams and expand the scope of its identity platform for consumer and enterprise users.

“It’s hard to believe that in 2019 consumers cannot instantly go through every step of the mortgage qualification process online. Truework is solving the final missing piece by letting lenders quickly verify employment, income and other identity data,” explained Founders Fund partner Keith Rabois —who led Truework’s seed round while at Khosla Ventures.

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Identity Verification Firm Truework Gets $12M For Cloud-Hosted Solutions

There was also participation from Stanford University and existing investors, including Khosla Ventures, Menlo Ventures and Founder Collective.

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Identity Verification firm Truework announced it has raised $12 million in Series A financing led by Sequoia Capital.

As part of the transaction, Alfred Lin, partner at Sequoia Capital, is joining Truework’s board. There was also participation from Stanford University and existing investors, including Khosla Ventures, Menlo Ventures and Founder Collective. The new funding will be used to scale the product and engineering teams, as well as expand the scope of its identity platform for consumer and enterprise users.

Launched in April 2018, Truework’s platform integrates with HR and payroll systems to process employment and income requests, allowing employees to approve or deny each request in real time. It also enables banks and other institutions to access information without slowing down the application process. In addition to the funding, the company revealed that its network has grown to more than one million users in just one year.

“We are working to fundamentally change the data economy, in which credit bureaus continue to squeeze profits by abusing the privacy of consumers,” Ryan Sandler, co-founder and CEO of Truework, said in a press release. “When third parties receive access to private data, it is often a complete black box for individuals. Truework is bringing these processes front and center, putting more control into the hands of the consumer.”

Truework’s network currently boasts hundreds of employers, including The College Board, Oscar Health, InVision and Tuft & Needle. The company serves over 3,000 financial institutions and has verified income data on more than $2 billion of home loans.

“It’s hard to believe that in 2019 consumers cannot instantly go through every step of the mortgage qualification process online. Truework is solving the final missing piece by letting lenders quickly verify employment, income and other identity data,” said Keith Rabois, partner at Founders Fund who led Truework’s seed round while at Khosla Ventures.

Truework Receives $12 Million in Series A Financing

… Capital with participation from Stanford University and existing investors, including Khosla Ventures, Menlo Ventures, and Founder Collective.

Truework, the verified identity platform that gives consumers control over their personal and professional information, announced today it has raised $12 million in Series A financing led by Sequoia Capital with participation from Stanford University and existing investors, including Khosla Ventures, Menlo Ventures, and Founder Collective. The company is also announcing that its network has grown to more than one million users in just one year.

During major transactions, from buying a home to applying for a job, banks and other institutions must verify private, sensitive data about consumers. While many of these activities have shifted to take place online, the process of verifying identity remains stuck in the past, plagued by a lack of consumer transparency and accuracy. Beginning with employment and income data, Truework secures sensitive identity information, providing details only with consumers’ explicit consent, while automating manual workflows for HR departments, banks, and other institutions.

HR News: League Inc Launches Partnership With Personal Training App Livekick

“We are working to fundamentally change the data economy, in which credit bureaus continue to squeeze profits by abusing the privacy of consumers,” said Ryan Sandler, co-founder, and CEO of Truework. “When third parties receive access to private data, it is often a complete black box for individuals. Truework is bringing these processes front and center, putting more control into the hands of the consumer.”

“Identity is vital to the health of the sharing economy and other online services, but it is completely broken today. Truework is building the internet’s new identity layer that will bring security and speed to many different transactions. The success they have had in just over a year shows the incredible demand for innovation and privacy in this very outdated space,” added Alfred Lin, partner at Sequoia Capital. Lin is joining Truework’s board and also sits on the board of Airbnb, Doordash, and others.

Launched in April 2018, Truework’s platform for employers integrates with HR and payroll systems to automatically process employment and income requests. Employees are able to approve or deny each request in real-time, allowing banks and other institutions to access information without slowing down the application process. Today, Truework’s network is comprised of hundreds of employers, including The College Board, Oscar Health, InVision, and Tuft & Needle. The company serves over 3,000 financial institutions and has verified income data on more than $2 billion of home loans.

The new funding will be used to scale the product and engineering teams and expand the scope of its identity platform for consumer and enterprise users.

HR News: Hibob Unveils New Features to Help Companies Take a Holistic Approach to Employee Experiences

“It’s hard to believe that in 2019 consumers cannot instantly go through every step of the mortgage qualification process online. Truework is solving the final missing piece by letting lenders quickly verify employment, income and other identity data,” said Keith Rabois, partner at Founders Fund who led Truework’s seed round while at Khosla Ventures. Rabois sits on the board of Opendoor, Affirm, and others.

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Truework raises $12 mln

Participating in the round were Stanford University and existing Truework investors, including Khosla Ventures, Menlo Ventures, and Founder …

Truework said July 30 that it raised $12 million in Series A funding led by Sequoia Capital. Participating in the round were Stanford University and existing Truework investors, including Khosla Ventures, Menlo Ventures, and Founder Collective. Truework is an identity platform that aims to give consumers control over their personal and professional information.

PRESS RELEASE

TRUEWORK RAISES $12 MILLION LED BY SEQUOIA

Truework, the platform for verified identity, grows to 1M+ users as it takes on credit bureaus

Sequoia Partner Alfred Lin to join board

SAN FRANCISCO (July 30, 2019) – Truework, the verified identity platform that gives consumers control over their personal and professional information, announced today it has raised $12 million in Series A financing led by Sequoia Capital with participation from Stanford University and existing investors, including Khosla Ventures, Menlo Ventures, and Founder Collective. The company is also announcing that its network has grown to more than one million users in just one year.

During major transactions, from buying a home to applying for a job, banks and other institutions must verify private, sensitive data about consumers. While many of these activities have shifted to take place online, the process of verifying identity remains stuck in the past, plagued by a lack of consumer transparency and accuracy. Beginning with employment and income data, Truework secures sensitive identity information, providing details only with consumers’ explicit consent, while automating manual workflows for HR departments, banks and other institutions.

“We are working to fundamentally change the data economy, in which credit bureaus continue to squeeze profits by abusing the privacy of consumers,” said Ryan Sandler, co-founder and CEO of Truework. “When third parties receive access to private data, it is often a complete black box for individuals. Truework is bringing these processes front and center, putting more control into the hands of the consumer.”

“Identity is vital to the health of the sharing economy and other online services, but it is completely broken today. Truework is building the internet’s new identity layer that will bring security and speed to many different transactions. The success they have had in just over a year shows the incredible demand for innovation and privacy in this very outdated space,” added Alfred Lin, partner at Sequoia Capital. Lin is joining Truework’s board and also sits on the board of Airbnb, Doordash and others.

Launched in April 2018, Truework’s platform for employers integrates with HR and payroll systems to automatically process employment and income requests. Employees are able to approve or deny each request in real time, allowing banks and other institutions to access information without slowing down the application process. Today, Truework’s network is comprised of hundreds of employers, including The College Board, Oscar Health, InVision, and Tuft & Needle. The company serves over 3,000 financial institutions and has verified income data on more than $2 billion of home loans.

The new funding will be used to scale the product and engineering teams and expand the scope of its identity platform for consumer and enterprise users.

“It’s hard to believe that in 2019 consumers cannot instantly go through every step of the mortgage qualification process online. Truework is solving the final missing piece by letting lenders quickly verify employment, income and other identity data,” said Keith Rabois, partner at Founders Fund who led Truework’s seed round while at Khosla Ventures. Rabois sits on the board of Opendoor, Affirm, and others.

To learn more about Truework, visit https://www.truework.com/

ABOUT SEQUOIA

Sequoia helps daring founders build legendary companies from idea to IPO and beyond. We spur founders to push the boundaries of what’s possible. In partnering with Sequoia, companies benefit from 47 years of tribal knowledge from working with founders like Steve Jobs, Larry Ellison, Larry Page, Jan Koum, Brian Chesky, Drew Houston, Adi Tatarko, Julia Hartz and Jack Dorsey. In aggregate, Sequoia-backed companies account for more than 20% of NASDAQ’s total value. From the beginning, non-profits have been the backbone of our LP base, which means founders’ accomplishments make a meaningful difference. The majority of our profits – over $16 billion since 2000 alone – are returned to great causes, like the Ford Foundation, Mayo Clinic and MIT.

ABOUT TRUEWORK

Truework is building a network for verified identity that puts consumers in control of their sensitive personal information. The company is initially focused on verified employment & income data, information that is necessary for the lending and housing markets to function smoothly, but relies on outdated, pen- and- paper processes that provide consumers with no assurance of privacy or accuracy. Truework’s platform digitizes this process for HR departments, banks, and others, to make it faster and more secure for employees to get verified when applying to transactions like loans and apartment rentals. Founded by Ryan Sandler, Ethan Winchell and Victor Kabdebon in 2017, the company is backed by Sequoia Capital, Khosla Ventures, and others, and has raised $15 million to date. To learn more, visit www.truework.com.