Ocrolus has closed a Series C financing round that has earned the fintech company a valuation of over $ 500 million.
The round added $ 80 million in new capital and was led by FinVC. Other participants were 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.
FinTech Collective and QED were the main investors in Serie B in August 2020, Oak HC / FT in Serie B in June 2019 and Bullpen Capital and Laconia in Serie A in April 2018. Ocrolus raised a total of 127 million US dollars in six rounds. Dollars applied to Crunchbase.
"Mortgage lenders and banks are realizing they need to apply the same workflow digitization and underwriting automation that fintech lenders use," said Logan Allin, Managing General Partner and Founder of Fin VC in a press release. "We are excited to support Ocrolus, the leader in back office automation."
Allin joined Ocrolus' board of directors as part of the investment.
Ocrolus uses optical character recognition technology to pull information from forms that can then be used in decision making by authors and servicers.
"Our platform helps lenders automate underwriting and use cash flow and income data intelligently for credit scoring," said Sam Bobley, CEO of Ocrolus. "By enabling lenders to analyze different sources of financial data more quickly, Ocrolus creates a level playing field for every borrower and provides expanded access to credit at a lower cost."
So far this year, Ocrolus has added 75 employees. With the new funding, the company plans to further increase the hiring 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 agencies with onshore data needs.