Ocrolus, which claims to be the only automation platform that analyzes financial documents with greater than 99% accuracy, reveals that it has completed an $ 80 million Series C round led by End of VC at a valuation of over $ 500 million.
Ocrolus powers documentary workflows for financial services companies such as Brex, Enova, Loan Club, Pay Pal, Plaid, and SoFi. Ocrolus intends to use the product to develop more products for the mortgage and banking sectors and to expand its operations in the United States.
Ocrolus has become the leading Human-in-the-Loop (HITL) document processing and automation solution with comprehensive capabilities: to classify financial documents, capture key data fields, detect fraud and analyze data flows. cash flow, enabling lenders to make faster, data-driven decisions.
The announcement also mentioned that before the COVID-19 crisis, less than 1% of loans worldwide were facilitated in an online environment. Since the COVID-19 outbreak, demand for digital lending technology among traditional financial services companies has “accelerated dramatically.”
The Ocrolus update also noted that, as the coronavirus has forced financial institutions to evolve, “every lender and bank has no choice but to offer online options to customers.”
âOur platform helps lenders automate underwriting and intelligently leverage cash flow and income data for credit scoring,â said Sam bobley, co-founder and CEO of Ocrolus.
Sam added that by enabling lenders to quickly analyze various sources of financial data, Ocrolus “is leveling the playing field for every borrower, providing expanded access to credit at lower cost.”
The scalability and flexibility of the back office has “become increasingly important to lenders over the past 18 months,” the statement noted while adding that the Paycheque Protection Program (PPP) was created to “inject emergency money into the economy, but it was also an opportunity to see fintechs and banks compete for market share”.
Although banking service providers have struggled to keep up with the volume of requests and have not been able to effectively serve new borrowers, Fintechs âhave demonstrated their ability to use software to nimbly adapt to new borrowers. market demands â.
Ocrolus has worked closely with partners such as Cross River Bank, Square, BlueVine and Womply to manage over 2.5 million PPP loans, playing a key role in helping small businesses across the country “keep the lights on.” on â.
A similar requirement for operational elasticity has arisen in the mortgage industry, where favorable rates have caused an increase in the volume of applications, pushing traditional lenders to their limits and propelling cutting-edge lenders who use automation to create a streamlined customer experience.
Logan allin, Managing General Partner and Founder of Fin VC and new member of the Ocrolus Board of Directors, said:
âMortgage lenders and banks recognize they need to embrace the same workflow digitization and underwriting automation as fintech lenders. We are excited to support Ocrolus, the category leader in back office automation.
After integrating more than 75 corporate team members this year, Ocrolus intends to continue hiring until 2022, “with a focus on its machine learning and data science teams.” . The company is also “opening a new data quality control facility in Florida to accommodate financial institutions and government entities with onshore data requirements.”
Other participants in the cycle included Thomvest Ventures, Mubadala Capital, Oak HC / FT, FinTech Collective, QED Investors, Bullpen Capital, ValueStream Ventures, Laconia, RiverPark Ventures, Invicta Growth, Stage 2 Capital and Cross River Bank.