Total amount raised
$107.6 Millions
Latest funding date
03/01/2024
Location
Argyle has successfully raised significant funding over multiple rounds, with its latest being a Series C. The platform specializes in payroll connectivity, offering modern financial services that streamline various business processes.
With backing from notable investors like Checkr and SignalFire, Argyle continues to innovate in the financial technology space. Keep reading to explore the intricacies of Argyle's fundraising journey and the investors supporting this cutting-edge platform.
What Is Argyle?
Argyle, founded on December 1, 2018, in New York, New York, is a platform developer for payroll connectivity. The company specializes in automating income and employment verifications using direct-source, real-time data through consumer-permissioned payroll connections.
Argyle's platform enables businesses to automate verifications and background checks, fund accounts, switch direct deposits, compute premiums, advance wages, and perform other functions. The company provides infrastructure, tools, and software for income and employment verification workflows.
Founded by Audrius Zujus, Billy Marsden, and Chris Hansen, Argyle has grown to employ between 101-250 people. The platform is trusted by leading companies from fintechs to the Fortune 500, highlighting its market leadership in performance and data quality.
How Much Funding Has Argyle Raised?
- Seed Round
- Amount Raised: $2.6M
- Date: September 2019
- Lead Investors: Bain Capital Ventures, Checkr
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch the initial version of Argyle's payroll connectivity platform.
- Series A
- Amount Raised: $20M
- Date: October 2020
- Lead Investors: Bain Capital Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and expand its customer base.
- Series B
- Amount Raised: $55M
- Date: March 2022
- Lead Investors: SignalFire
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance platform capabilities and support rapid growth.
- Series C
- Amount Raised: $30M
- Date: March 2024
- Lead Investors: Rockefeller Capital Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel the continued adoption and expansion of Argyle's automated income and employment verification platform.
- Debt Financing
- Amount Raised: Not publicly disclosed
- Date: March 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and further platform development.
Total Amount Raised: $107.6M
Current Valuation: Not publicly disclosed
Key Investors
- Rockefeller Capital Management
- Details: Rockefeller Capital Management is a leading investment management firm that serves institutions, financial professionals, and other investors. They manage approximately $13 billion in assets as of December 31, 2023.
- Investment Focus Areas: Fintech innovation, equity, fixed income, alternative investment solutions.
- Notable Investments: Not publicly disclosed.
- Bain Capital Ventures
- Details: Bain Capital Ventures is a venture capital firm that invests in early to growth-stage companies across various sectors. They are known for their strategic investments and support for high-growth companies.
- Investment Focus Areas: Technology, financial services, healthcare.
- Notable Investments: LinkedIn, DocuSign, Jet.com.
- SignalFire
- Details: SignalFire is a venture capital firm that uses data and technology to support its investment decisions. They focus on early-stage investments in technology companies.
- Investment Focus Areas: Technology, innovation, data-driven investments.
- Notable Investments: Grammarly, Ro, Frame.io.
- Checkr
- Details: Checkr is a company that provides background check services and also participates in venture investments. They specialize in employment screening and related technologies.
- Investment Focus Areas: Background checks, HR technology, employment screening.
- Notable Investments: Primarily known for its own background check services.
What's Next for Argyle?
Argyle stands at the cusp of significant growth opportunities, driven by the increasing demand for automated income and employment verification solutions. With a robust platform that has already onboarded over 140 customers and processed more than 1.6 million verifications, the company is well-positioned to expand into new verticals such as mortgage, personal lending, and background screening. The potential for growth is immense, as Argyle's services cover 90% of the U.S. workforce, translating to data for 220 million consumers.
Future fundraising opportunities appear promising, given the successful $30 million funding round led by Rockefeller Asset Management and the involvement of prominent investors like Bain Capital Ventures, SignalFire, and Checkr. These investments not only validate Argyle's business model but also pave the way for additional rounds to support further expansion and platform enhancements.
However, Argyle may face challenges such as competition from other verification service providers and the need to maintain data accuracy and security. Market headwinds and regulatory changes could also impact growth. Despite these hurdles, Argyle's strategic partnerships and focus on scalable, reliable solutions position it well for continued success.
Use Clay to Get Funding Data
Sales professionals, take your strategy to the next level by leveraging Clay's platform to access comprehensive fundraising data on companies like Argyle and gather other critical business insights.
Sign up for free and start exploring the wealth of information available at Clay.
