Jack Chong, a representative from Checkr, announced via a recent tweet that the company's transaction volume has experienced a remarkable "40x" growth since April. The statement, posted on social media, highlighted that traditional metrics "don’t capture the real reason why we’re growing," hinting at underlying strategic shifts. Checkr, a leading provider of background screening and workforce monitoring services, has been expanding its reach beyond its initial focus on the gig economy.
The reported surge comes as Checkr continues to solidify its position in the HR technology sector. The company's revenue exceeded $700 million in 2023, a significant increase from previous years, according to recent financial disclosures. With over 100,000 customers, Checkr, which was valued at approximately $4.6 billion in April 2022, has demonstrated consistent growth in its user base and adoption across various industries.
This substantial growth appears to be fueled by Checkr's strategic pivot towards large enterprises, moving beyond its foundational support for gig economy platforms like Uber and DoorDash. The company has invested in accelerating innovation for the enterprise sector, appointing new C-suite executives, including a Chief Product Officer, Chief Technology Officer, and Chief Operating Officer, to lead this expansion. This strategic shift aims to provide more efficient and automated background check solutions for a broader range of corporate clients.
Checkr operates within a rapidly expanding global background check market, projected to reach $35.2 billion by 2031, driven by increased emphasis on risk management. The company's API-first products and commitment to "fair chance hiring" also contribute to its market differentiation and appeal. By digitizing the background check process, Checkr enables businesses to onboard talent more quickly and securely.
Despite reporting significant growth, Checkr has also navigated challenging economic conditions, including laying off 382 employees (32% of its workforce) in April 2023. This context underscores the company's resilience and its ability to adapt while continuing to scale. Checkr's ongoing investments in HR technology and its focus on transforming the hiring process position it for continued influence in the future of work.