Argyle Secures $30M in Funding to Bolster Growth of the Payroll Connectivity Platform of the Future
The firm’s impressive 100% YoY consumer growth rate garnered significant investor interest, with plans focused on sustainable expansion
NEW YORK, March 05, 2024–(BUSINESS WIRE)– Argyle, the leading provider of direct-source income and employment data, today announced the successful closing of a $30 million funding round led by Rockefeller Asset Management’s Fintech Innovation Fund (“Rockefeller”). Rockefeller was joined by return investors Bain Capital Ventures, SignalFire, and Checkr who also participated in this funding round. This growth capital includes a mix of equity and debt to fuel the firm’s continued adoption and expansion of its automated income and employment verification platform. Argyle has raised over $100M since inception.
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 onboarded more than 90 new customers in 2023 alone, 40 of which are larger enterprises, and their total customer count has risen to more than 140 across the mortgage, personal lending, and background screening verticals. With the addition of these new customers, Argyle also:
- Processed over 1.6M+ annual verifications, covering direct-source income and employment verifications for 90% of the U.S. workforce
- Achieved a remarkable 360% growth in bookings
- Generated cost savings of up to 80% for customers
- Built integrations with several key partners in the lending ecosystem, including with ICE’s Encompass and nCino’s Mortgage Suite along with becoming the first consumer-permissioned provider to be integrated into Dark Matter’s Empower LOS and to support 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. To learn more, visit here.
About Argyle:
Founded in 2018, Argyle is backed by top investors, including Bain Capital Ventures, Bedrock, Checkr, Rockefeller Asset Management, and SignalFire. Argyle is the leading provider of direct-source access to real-time income and employment data. With Argyle, companies automate critical workflows—including income and employment verifications, deposit switches, wage advances and loan repayments—so they can build better, more efficient processes, reduce risk and scale their business. Argyle largely serves the mortgage, background check, personal lending and banking industries as well as the gig economy.
For more information on Argyle’s industry-leading platform, please visit https://argyle.com/.
To stay up to date on all Argyle news, sign up for our newsletter here: https://argyle.com/blog/.
About Rockefeller Asset Management:
Rockefeller Asset Management serves institutions, financial professionals, and other institutionally minded investors through equity, fixed income, and alternative solutions that seek outperformance driven by a disciplined investment process. As part of the Rockefeller ecosystem, Rockefeller Asset Management convenes global networks to generate insights and outcomes not commonly found in the investment community. With over 30 years of intellectual capital from pioneering global investing and ESG leadership, and decades of constructive shareholder engagement, Rockefeller Asset Management is committed to continually building partnerships and expanding its platform that seeks to put clients and their performance first. As of December 31, 2023, Rockefeller Asset Management had approximately $13 billion assets under supervision.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240305112774/en/
Contacts
Duke Bartnik
KCD PR, on behalf of Argyle
dbartnik@kcdpr.com
443-896-4846
