Ocrolus, a Fintech startup based in New York, has raised $80 million in Series C funding to expand its document automation platform.
Led by Fin VC, the funding round counted with participation from Thomvest Ventures, Mubadala Capital, FinTech Collective, Bullpen Capital, ValueStream Ventures, RiverPark Ventures, Stage 2 Capital, Cross River Bank, etc. Logan Allin, CEO and Founder of Fin VC who will be joining Ocrolus’ Board of Directors, said about the round:
“Mortgage lenders and banks recognize they need to adopt the same workflow digitization and underwriting automation used by fintech lenders. We’re excited to support Ocrolus, the category leader in back-office automation.”
Founded in 2014, Ocrolus provides a document automation platform that automates credit decisions across the fintech, mortgage, and banking industries to help financial services companies make informed decisions with reliable and highly effective data. It does this via the platform’s comprehensive capabilities in financial document classification, key field capture, and cash flow analysis, Sam Bobley, Ocrolus’ Co-founder and CEO, referred to the startup’s mission by stating:
“Our platform helps lenders automate underwriting and intelligently leverage cash flow and income data for credit scoring. 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.”
The startup has onboarded more than 75 corporate members during 2021 so far, which is a reflection of the increased growth it has experienced since launching its platform. With total funding of over $100 million, Ocrolus is opening a new data quality control facility in Florida and plans to expand its staff in 2022 to meet the increasing demand for its platform.
The platform developed by the fintech startup is already trusted and used by financial services companies such as Brex, Enova, LendingClub, PayPal, and Plaid. These companies are prioritizing back-office scalability and flexibility to improve the efficiency of their operations, allowing them to reduce costs and allocate resources to other areas.