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A $30 million Series C round gives New York-based income and employment data provider Argyle a path to profitability as an “enterprise-grade service provider” by 2026, founder and CEO Shmulik Fishman said.
The latest funding round, which includes a mix of equity and debt, was led by Rockefeller Asset Management’s FinTech Innovation Fund, with Rockefeller portfolio manager Chris Randazzo having a seat on Argyle’s board of directors. Returning investors include Bain Capital Ventures, SignalFire and Checkr, bringing the total funding Argyle has raised since 2018 to more than $100 million. say on tuesday.
Shmulik Fishman
“In my opinion, this funding round is the pinnacle of our transformation from a product-driven technology company to a people-centered, enterprise-class services provider,” Fishman said in a statement. Blog article Outline how the company plans to use the influx of cash.
Founded in 2018, Argyle describes itself as the leading provider of direct source, instant income and employment data.Last year, Argyle hired Dropbox veterans Arneide Chacon Serves as Senior Vice President of Product and signed over 90 new customers, bringing the company’s total customer base to over 140 in the mortgage, personal loan and background check verticals. Among these customers, 40 are large enterprises.
Integration including ICE Mortgage Technology helps drive growth in mortgage vertical inclusive platformdark matter Empowering loan issuance systemand nCino’s Mortgage Suite (formerly SimpleNexus). In October, Argyle announced its integration with Fannie Mae Desktop Underwriter Verification Services.
Chris Randazzo
Randazzo said in a statement that the Rockefeller FinTech Innovation Fund “is impressed by Argyle’s disruption in automating income and employment verification.” “Through partnerships and integrations with influential institutions across industries, they have become a powerful force in the market, which is why we are delighted to lead this round and believe they will be We will continue to maintain this development trajectory and beyond.”
Fishman said attracting the attention of an institutional investor like Rockefeller Capital Management shows that Argyle has “the track record, spirit and talent to realize our vision of transforming income and employment verification at the enterprise level. With this new capital, we Plans are underway to achieve another milestone – free cash flow. We expect to be profitable by 2026 and now have the runway we need to cross that target.”
While technology at Argyle “remains as important as ever”, Fishman said “people and process” now take center stage, so the company wants to “hire really smart people who are experts in their field and who really care Our mission.”
As of Tuesday, the company advertising space Two software engineers and a sales and marketing executive.
Argyle’s competitors include Truework, which has a strategic partnership with TransUnion, Truv, which has partnered with Experian, Equifax’s The Work Number and MeasureOne, which sells consumer authorization materials.
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