ExpansionIn The News

Argyle Secures $30M In Funding To Bolster Growth 

Argyle, a provider of direct-source income and employment data, 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.