Ocrolus Reels in $24 Million Investment

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.

Finovate Alumni News

On Finovate.com

  • MX Picks Up $100 Million in New Funding.
  • Ocrolus Reels in $24 Million Investment.

Around the web

  • 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 implement Fiserv’s Unified Wealth Platform for core portfolio management.
  • Personetics announces that users of Salesforce and Microsoft CRM platforms will be able to access the company’s data-driven actionable insights via new APIs.
  • Diebold Nixdorf launches a new series of self-service, digitally-connected ATMs.
  • NetGuardians appoints 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.

Finovate Global: Fintech News from Around the World

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 Nubank announces 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).

Asia-Pacific

  • UNPay expands QR code payments.
  • Indonesian lending and payments firm, Pohon Dana, picks up investment from Mayapada Group.
  • PaySend launches transfers to bank accounts and Napas cards in Vietnam.
  • Fenergo wins Fintech Exporter of the Year award from Asia Matters.
  • Juvo expands across Asia with regional headquarters in Singapore.

Sub-Saharan Africa

  • Experian purchases South African credit information and analytics firm Compuscan for $263 million.
  • Ecobank partners with MFS Africa to offer cross-platform digital payments to customers.
  • Emergent Technology acquires Ghana-based Interpay Africa.

Central and Eastern Europe

  • Sberbank offers clients new strategies for investment life insurance.
  • Finastra opens new offices in Romania.
  • Backbase powers omni-channel digital services for Poland’s BGŻ BNP Paribas bank.
  • International Bank of Azerbaijan (IBA) to deploy technology from FICO to fight money laundering.

Middle East and Northern Africa

  • UAE and Saudi Arabia launch blockchain-powered, cross-border payments proof of concept.
  • Temenos announces partnership with Tunisia’s Banque de l’Habitat.
  • Token brings open banking to MENA region.

Central and South Asia

  • James Finance, Ocrolus, Hydrogen, and iProov shortlisted for India FinTech Awards 2018.
  • Currencies Direct taps Ripple’s xCurrent for real-time remittances to India.
  • Fintech News Singapore features BankBazaar in its round up of 10 Hot Fintech Startups from India to Watch Closely.

Top image designed by Freepik

Finovate Alumni News

On Finovate.com

  • EVRY Wins $75 Million Contract.
  • Best of Show Winner Voleo to Help Drive Social Trading in Europe.
  • FI.SPAN Raises $4 Million for U.K. and Australia Expansion.

Around the web

  • Sberbank offers clients new strategies for investment life insurance.
  • PaySend launches transfers to bank accounts and Napas cards in Vietnam.
  • Anorak earns a spot in FinSMEs’ Top 10 U.K. Insurtech Startups to Watch in 2019 roster.
  • Intuit relaunches its redesigned ProAdvisor program in the U.S., Canada, and Australia.
  • DataSine and FinovateFall Best of Show winner Golden join the Envestnet | Yodlee Incubator’s latest cohort.
  • API platform provider for banking and insurance NDGIT announces strategic partnership with Synpulse.
  • James Finance, Ocrolus, Hydrogen, and iProov shortlisted for India FinTech Awards 2018.
  • PYMNTS highlights WePay Co-founder Rich Aberman in its latest podcast.
  • Jack Henry & Associates introduces 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.

Finovate Global: Fintech News from Around the World

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

  • Visa takes 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 deploy FICO Origination Manager and FICO Application Fraud Manager.
  • First Data launches Clover Mini and Clover Flex in Argentina.

Asia-Pacific

  • Finastra gives 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.

Central and Eastern Europe

  • Poland’s Braintri merges with iCompass.
  • The Polish Financial Supervision Authority names the Heart as one of operators for its regulatory sandbox for companies developing fintech solutions.
  • Ingenico Group teams up with Russia’s Sberbank to enable MOIR card payments for online purchases.

Middle East and Northern Africa

  • Study from Mena Research Partners calls for major gains in fintech funding in the MENA region over the next ten years.
  • Egypt Innovate features ten Egyptian startups “following the world’s fintech trend.”
  • The Tehran Times looks at the “challenges and opportunities” of fintech innovation in Iran.

Top image designed by Freepik

FinovateFall Sneak Peek: Ocrolus

A look at the companies demoing live at FinovateFall on September 24 through 26, 2018 in New York. Register today and save your spot.

Ocrolus has developed the fastest and most accurate technology for automating the analysis of loan documents.

Features

  • Cash flow analytics
  • Cutting-edge fraud detection
  • Traceable data validation

Why it’s great
Ocrolus is the first regtech company backed by QED Investors.

Presenters

Sam Bobley, CEO
Bobley is a natural entrepreneur and co-founder of Ocrolus.
LinkedIn

Kevin Bailey, Director of Business Development
Bailey was Presidential appointee to the Treasury who has since devoted himself to fintech.
LinkedIn

Finovate Alumni News

On Finovate.com

  • Fiserv Helps Bring Voice Banking to the Aloha State.

Around the web

  • PromonTech to unveil its new income engine, Income AI, next week.
  • PayPal introduces 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.
  • Insuritas teams 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.