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Ocrolus Secures $80M In Series C Funding to Scale Financial Services Focused Document Automation Solution
Ocrolus has emerged as the leading Human-in-the-Loop (HITL) document processing and automation solution, capable of classifying financial documents, capturing key data fields, detecting fraud, and analyzing cash flows, allowing lenders to make it faster, data-driven decisions.
FREMONT, CA: Ocrolus is a platform for document automation that powers the digital lending ecosystem by automating credit decisions in fintech, mortgage, and banking. The company offers cutting-edge document analysis infrastructure and has raised more than $100 million from top fintech investors. Ocrolus empowers financial services firms to make high-quality decisions based on reliable data and unparalleled efficiency.
Ocrolus secured an $80 million Series C funding round led by Fin VC at a valuation of more than $500 million. Many of the most innovative financial services firms, including Brex, Enova, LendingClub, PayPal, Plaid, and SoFi, rely on the company to power their document workflows. Ocrolus intends to use its new funding to build products for the mortgage lending and banking industries more aggressively, as well as to expand its US operations.
Ocrolus has emerged as the leading Human-in-the-Loop (HITL) document processing and automation solution, capable of classifying financial documents, capturing key data fields, detecting fraud, and analyzing cash flows, allowing lenders to make it faster, data-driven decisions. Prior to the pandemic, less than 1% of global loans were made online. Demand for digital lending technology among traditional financial services firms has increased dramatically since the COVID-19 outbreak. As a result of COVID-19 forcing financial institutions to evolve, every lender and bank now has no choice but to provide customers with online options.
"Our platform helps lenders automate underwriting and intelligently leverage cash flow and income data for credit scoring," stated Sam Bobley, Co-founder & CEO at Ocrolus. "By enabling lenders to more quickly analyze diverse sources of financial data, Ocrolus levels the playing field for every borrower, providing expanded access to credit at a lower cost."