Employment Data Platform Argyle Raises $55M in Series B Funding


  • Leading employment data platform Argyle recently announced that it has raised $55 million. These are the details.

Argyle — a leading employment data platform that gives companies real-time access to user-authorized employment records — announced $55 million in Series B funding.

The funding round was led by SignalFire with participation from current investors including Bain Capital Ventures, Bedrock and Checkr. And following Argyle’s earlier $22.6 million funding, the additional capital injection will be used to accelerate the growth of its in-house engineering team, fuel international expansion and scale go-to-market operations. business market.

Argyle’s rapidly growing coverage includes more than 500,000 U.S. employers, including 60% of the Fortune 500, nearly 100% of gig workers, and more than 170 million U.S. employees. Driven by today’s rapidly changing work landscape, Argyle is setting a new standard for credit risk assessment. It opens the door to broader financial access for all consumers by addressing identity, employment and income verification in a holistic and fair way.

SignalFire founding partner Ilya Kirnos plans to join Argyle’s board alongside Bain Capital Ventures partner Ajay Agarwal, Checkr co-founder and CEO Daniel Yanisse and Argyle founder and CEO Shmulik Fishman . And since launching its first fund in 2015, SignalFire has rapidly grown to $1 billion in regulatory assets under management. Known for helping small businesses with its recruiting technology, the company’s notable investments include Ro, Grammarly, Frame.io, and MainStreet.

The need for a new, fair approach to credit decision-making is more urgent than ever. And a recent report commissioned by Argyle, which surveyed more than 1,200 self-employed and 1,099 other workers, found that nearly half (49%) of respondents were turned down by a financial service they knew they could afford. , with more than 60% indicating rejection. due to a low credit score. About 52% experienced negative mental health effects and 42% reported adverse consequences on their family as a result of the rejection.

Argyle’s solution empowers its business customers to make decisions based on real-time income verification and employment data that is user-authorized and fair to all workers, not just full-time employees . And Argyle offers transparency into the work and income habits of 1,099 workers — information traditionally provided through a payroll system to employment benefit recipients. This makes it easier for businesses to make informed decisions and more easily provide essential services to workers in the gig and creative economy, including workers’ compensation insurance, health insurance and financial wellness products.

When it comes to achieving the American dream of home ownership, many people are held back because they cannot qualify for mortgages based on traditional, static employment data. And to address this, Argyle is also revolutionizing a lagging part of the mortgage industry’s digitization process by providing lenders with access to accurate, real-time income and employment data. Argyle offers a new model for collecting and authenticating income and employment data that satisfies compliance requirements from application to close. With fewer steps to close and less manual intervention, Argyle makes the mortgage process easier and more reliable for all parties, reducing the time and cost of getting new loans. Last year, Argyle announced a strategic partnership with Finlocker, which integrates Argyle’s employment and income data into Finlocker’s financial health app to help consumers qualify for a mortgage.


“The meteoric rise of contractors, gig workers and the creator economy requires a new financial data infrastructure. Argyle is reinventing the way employment data is managed, authorized, evaluated and put to good use. This includes a new approach to modernize outdated, paper-based, low-data systems that block access to financial services for these workers. We are proud to support the exceptional team at Argyle and their mission to help businesses and institutions embrace the future of work.

— Ilya Kirnos, founding partner of SignalFire

“Workforce dynamics have changed and it’s time to disrupt the status quo. While Equifax led the way in the employment data industry, the landscape changed forever. This requires a radically different approach to employment data. It must be authorized by the user. It must be in real time. And it must be right. Argyle offers innovative technology solutions that meet these criteria to provide equitable access to financial services and products for today’s workers. It was our fastest growing year yet as we delivered on our mission. Adoption of our platform continues to exceed our expectations as consumers, financial institutions and employers crave an alternative or supplement to the static and incomplete data of legacy systems.

— Shmulik Fishman, Founder and CEO of Argyle


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