Ocrolus, a NYC-based automation platform that analyzes financial documents, raised $80m in Series C funding.
The round was led by Fin VC at a valuation north of $500m, with participation from Thomvest Ventures, Mubadala Capital, Oak HC/FT, FinTech Collective, QED Investors, Bullpen Capital, ValueStream Ventures, Laconia, RiverPark Ventures, Invicta Growth, Stage II Capital, and Cross River Bank. In conjunction with the funding, Logan Allin, Managing General Partner and Founder at Fin VC, joined Ocrolus’ Board.
Led by Sam Bobley, CEO, and Vikas Dua, COO, Ocrolus is an automation platform that analyzes financial documents enabling the digital lending ecosystem to make credit decisions across fintech, mortgage, and banking. The company currently powers document workflows for many of the most innovative financial services firms including Brex, Enova, LendingClub, PayPal, Plaid, and SoFi.
Ocrolus intends to use the funds to build products for the mortgage lending and banking industries and expand its US operations.
Having onboarded more than 75 corporate team members already in 2021, the company plans to further ramp-up hiring into 2022, with a focus on its machine learning and data science teams. Ocrolus is also opening a new data quality control facility in Florida to accommodate financial institutions and government entities with onshore data requirements.