Ocrolus, an automation platform that assesses financial documents, has raised $80m in Series C funding.
The round was led by Fin VC. The fundraising puts the company’s valuation north of $500m.
Other investors which participated were Thomvest Ventures, Mubadala Capital, Oak HC/FT, FinTech Collective, QED Investors, Bullpen Capital and Cross River Bank among others.
As a document automation platform, Ocrolus supports digital lending and helps in automating credit decisions across fintech, mortgage and banking verticals.
It counts Brex, Enova, LendingClub, PayPal, Plaid and SoFi as its clients.
The solution is capable of classifying financial documents, capture key data fields and assess cash flows. It can also help in detecting fraud.
Ocrolus co-founder and CEO Sam Bobley said: “Our platform helps lenders automate underwriting and intelligently leverage cash flow and income data for credit scoring.
“By enabling lenders to more quickly analyse diverse sources of financial data, Ocrolus levels the playing field for every borrower, providing expanded access to credit at a lower cost.”
Ocrolus has added more than 75 corporate team members this year. It now plans to ramp up hiring next year to strengthen machine learning and data science teams.
The company will also open a new data quality control facility in Florida to assist financial institutions and government entities with onshore data requirements.
Fin VC founder and managing general partner Logan Allin said: “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.”