Ocrolus has secured $80m in a Series C funding round led by Fin VC to help the firm scale its financial services document automation solution.
The round also saw participation from Thomvest Ventures, Oak HC/FT, FinTech Collective, Mubadala Capital, Bullpen Capital, QED Investors, Laconia, Invicta Growth, ValueStream Ventures, RiverPark Ventures, Cross River Bank and Stage 2 Capital.
Founded in 2014, Ocrolus claims it is the only automation platform that analyses financial documents with over 99% accuracy. The company powers document workflows for many of the most innovative financial services firms including Brex, Enova, PayPal, Plaid, Sofi and LendingClub.
According to Ocrolus, it plans to use the newly raised capital to more aggressively build products for the mortgage lending and banking industries and expand its US operations.
Ocrolus claims it has onboarding over 75 corporate team members already this year and plans to further ramp up its hiring plans into 2022. The company stated that it will conduct this with a focus on its machine learning and data science teams.
In addition, the firm is planning to open a new data quality control facility in Florida to accommodate financial institutions and government organisations with onshore data requirements.
Ocrolus CEO and co-founder Sam Bobley said, “Our platform helps lenders automate underwriting and intelligently leverage cash flow and income data for credit scoring. “By enabling lenders to more quickly analyse diverse sources of financial data, Ocrolus levels the playing field for every borrower, providing expanded access to credit at a lower cost.”
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