Pre-hiring screening service remains bullish on Philippine market

MANILA, Philippines — Pre-employment screening service Veremark is ramping up its global operations, including its Manila office, after completing a successful funding round.

In the Philippines, it has grown more than 800 percent in the last 12 months, delivering thousands of checks per month to its range of BPO and professional service clients to exceed $1 million in monthly sales.

“We are very bullish on the growth of Veremark’s business in the Philippine market. It has demonstrated resiliency during the pandemic, and companies continue to hire people to support the growth of their businesses. Since last year, BPOs in the Philippines have been our most active market, it has been highly accepting and forward thinking on the digitization of old-fashioned and manual processes, which relates to everything we do,” said  Jeremiah  Chow, the company’s head of sales  for Asia-Pacific.

Recently,Veremark raised a $2.8-million seed round in follow-on investment from ACF Investors, Triple Point Ventures and SOV Ventures, bringing total funding to $3.8 million.

Launched in late 2019, Veremark provides an automated digital first solution that instantly lets companies, large or small, order a wide range of checks like employment history, academic, criminal and credit records checks anywhere in the world.

“Companies in the Philippines, whether large or small to medium scale, can easily sign up and order different background checks  they need without any difficulty or long-term commitment,” Chow said.

The company plans to use the seed funding to increase its expansion in the $16-billion pre-employment screening market and offers both a standalone web platform, as well as an API (application programming interface) that lets other service providers plug Veremark’s verification engine into their service and instantly provide pre-employment screening services to their clients.