Payroll connectivity provider Argyle raised $30 million in Series C funding this week.
The round was led by Rockefeller Asset Management’s Fintech Innovation Fund.
New York-based Argyle made its Finovate debut at FinovateSpring 2022.
Income and employment data provider Argyle secured $30 million in new funding in a Series C round led by Rockefeller Asset Management’s Fintech Innovation Fund. Bain Capital Ventures, SignalFire, and Checkr also participated in the round. The investment consists of both equity and debt and takes the company’s total capital raised to more than $100 million. The funding will help Argyle continue to adapt and expand its automated income and employment verification platform. No valuation information was provided in the funding announcement.
This week’s news comes in the wake of a year in which Argyle notched a number of significant accomplishments and milestones. In 2023, Argyle onboarded more than 90 new customers. The company also boosted its total customer count to more than 140 firms in verticals such as mortgage, personal lending, and background screening.
To date, Argyle has processed more than 1.6 million annual verifications. This includes direct-source income and employment verifications for 90% of the U.S. workforce. Last year, the company achieved a 3.6X growth in bookings, generated cost savings for up to 80% of customers, and built integrations with lending partners ICE and nCino. Argyle also became the first consumer-permissioned provider to integrate into Dark Matter’s Empower LOS.
“Our verticalized approach and direct-source model has provided accurate data and an enhanced consumer experience for our customers,” Argyle CEO and founder Shmulik Fishman said. “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 an extended “Letter From Our Founder & CEO”, Fishman articulated the journey his company has made and underscored Argyle’s commitment to what he referred to as the “human side of digital transformation.” Noting that even “novel technology” is “only half the equation,” Fishman added “widespread digital transformation only happens when people trust new technologies enough to change their behavior. And change is really hard – even when it’s absolutely essential.” Calling the current moment Argyle’s “enterprise-adoption era” Fishman wrote that now was the time to ensure that “people and process take center stage.”
Headquartered in New York and founded in 2018, Argyle made its Finovate debut at FinovateSpring 2022. At the conference, company co-founder and COO Billy Marsden showed how Argyle’s Link 4.0 design update enhanced account connectivity, and decreased drop-off rates for users of its real-time income data platform. Link 4.0 also upgrades the platform’s visual style to boost consistency across Argyle’s product line.
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Photo by David Besh
