Financial document processing platform Ocrolus secures $80m Series C round
New York-based start-up Ocrolus has landed $80 million in a Series C funding round as it looks to scale its automated financial services-focused document analysis solution.
The round was led by Fin VC with participation from the likes of Thomvest Ventures, Mubadala Capital, FinTech Collective and QED Investors, among others.
The company says the new funding takes its valuation above $500 million and will be used for further growth across the US and to “more aggressively build products for the mortgage lending and banking industries”.
The company is also planning to add more staff with a focus on its machine learning and data science teams, as well as opening a new data quality control facility in Florida.
Ocrolus provides a document processing and automation platform that enables financial services firms to classify financial documents, capture key data fields, detect fraud and analyse cash flows.
“Our platform helps lenders automate underwriting and intelligently leverage cash flow and income data for credit scoring,” says co-founder and CEO Sam Bobley.
Ocrolus says its platform can analyse financial documents “with over 99 percent accuracy” and allows lenders to make “faster, data-driven decisions”.
It currently partners a number of financial services firms including Brex, Enova, LendingClub, PayPal, Plaid, and SoFi.