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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
Ixaris forms agreement with Sabre to tap into new European markets.
OcrolusintroducesOcrolus+, a turnkey solution for ingesting documents and digital data streams through a single API.
Bitbondpartners with KlickOwn to expand into real estate.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
Automated document analysis platform, Ocrolus, has raised $24 million in funding in a Series B round led by Oak HC/FT. The new capital will help the company develop workflows for new document types, as well as improve the company’s analytic and fraud-detecting capabilities.
Ocrolus puts human empowered automation to work to help financial services firms and other companies make back office operations more efficient. Ocrolus’ technology leverages pattern recognition, crowdsourced data verification, and fraud detection to automatically analyze financial documents, digitize the data, and input it directly into the firm’s credit models. Even poor quality data scans from e-statements and smartphones can be effectively read by the technology and transformed into 99%+ accurate, validated datasets.
“Sometimes humans are better than robots,” Ocrolus CEO and co-founder Sam Bobley said. “We combine machine processes with live human intelligence to provide customers with a complete solution.”
Also participating in the round were FinTech Collective, and existing investors including Bullpen Capital and QED Investors. The investment takes the company’s total capital to more than $30 million.
Ocrolus demonstrated the Perfect Audit feature of its platform at FinovateFall last year. Perfect Audit provides cash-flow analytics from financial documents that have been digitized and analyzed by the Ocrolus platform. These analytics function as superior credit model inputs that enable lenders to price risk more effectively.
“Ocrolus is a unique company providing a rare combination of smart automation, analytics, and accuracy in its solution,” Oak HC/FT Venture Partner Dan Petrozzo said. “By combining its tremendous technology with an added human touch where required, the platform delivers amazing results for its customers.”
Last month, Ocrolus teamed up with inFactor to enhance the underwriting process for the small business financing platform. In April, the company partnered with fellow Finovate alum BlueVine to help accelerate financial application processing. Founded in 2014, Ocrolus is based in New York City.
CREALOGIX to power new digital and mobile capabilities for LGT Vestra’s wealth management app and client portal.
Strands announces achieving ISO 27001 certification in all offices.
Horizon Investments to implementFiserv’sUnified Wealth Platform for core portfolio management.
Personeticsannounces that users of Salesforce and Microsoft CRM platforms will be able to access the company’s data-driven actionable insights via new APIs.
Diebold Nixdorflaunches a new series of self-service, digitally-connected ATMs.
NetGuardiansappoints Swissquote co-founder Paolo Buzzi to its board of directors.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.
Latin America and the Caribbean
Brazil’s Nubankannounces debit options for its digital savings account.
Infocorp spinoff Bankingly raises $5.25 million in Series A funding in round led by Elevar Equity.
Vocalink to modernize Peru’s electronic payments infrastructure courtesy of new deal with the company’s automated clearinghouse, Cámara de Compensación Electrónica (CCE).
Best of Show Winner Voleo to Help Drive Social Trading in Europe.
FI.SPANRaises $4 Million for U.K. and Australia Expansion.
Around the web
Sberbankoffers clients new strategies for investment life insurance.
PaySendlaunches transfers to bank accounts and Napas cards in Vietnam.
Anorakearns a spot in FinSMEs’ Top 10 U.K. Insurtech Startups to Watch in 2019 roster.
Intuitrelaunches its redesigned ProAdvisor program in the U.S., Canada, and Australia.
DataSine and FinovateFall Best of Show winner Goldenjoin the Envestnet | Yodlee Incubator’s latest cohort.
API platform provider for banking and insurance NDGITannounces strategic partnership with Synpulse.
James Finance, Ocrolus, Hydrogen, and iProov shortlisted for India FinTech Awards 2018.
PYMNTS highlightsWePay Co-founder Rich Aberman in its latest podcast.
Jack Henry & Associatesintroduces a voice-driven consumer billpay solution.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.
Central and South Asia
Visatakes minority stake in Indian payment gateway BillDesk.
Swift India partners with MonetaGo to pilot blockchain-based banking.
India FinTech Forum (IFF) announced the 20 companies recognized at its India FinTech Awards (IFTA), including Finovate alums Hydrogen, iProov, Ocrolus, and James Finance.
Latin America and the Caribbean
Elevar Equity leads $5.25 million investment round for Uruguayan fintech, Bankingly.
Banco Original, a Sao Paulo, Brazil-based FI, to deployFICO Origination Manager and FICO Application Fraud Manager.
First Data launchesClover Mini and Clover Flex in Argentina.
Asia-Pacific
Finastragives Singapore banks top marks in its inaugural Open Banking Readiness Index.
FinLab accelerator introduces its smart business transformation program for Thailand small businesses.
SmartPesa brings its softPOS contactless card acceptance via NFC phone running Android – to Singapore and South East Asia.
Sub-Saharan Africa
South African financial services company, Discovery, to launch “behavioral bank.”
Nigeria’s central bank proposes fintech licensing regime to help manage cyber risk, capital adequacy, and operational oversight issues.
A “hands-off” attitude toward regulation is credited for helping boost Uganda’s emergent fintech sector.
PromonTech to unveil its new income engine, Income AI, next week.
PayPalintroduces cashflow boosting solution for small businesses, Funds Now.
The Paypers interviews Ronnie Millar, PaySend’s Europe CEO.
Hedge fund manager John Hempton tells The Australian Financial Review that Xero could become a $100 billion business.
Insuritasteams up with 42,000+ member Enrichment Federal Credit Union.
Global Finance sits down for a conversation with Tinkoff Bank VP Maxim Evdokimov.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
Presenters
Kevin Bailey, Director of Business Development