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Ocrolus raises $80M in Series C at $500M valuation. It said it would use the proceeds from the funding to aggressively build products for the mortgage lending and banking industries, expand its US operations, ramp up hiring into 2022
Ocrolus, a document automation platform for finance firms, raised $80 million in a Series C funding round led by Fin VC at a valuation of $500 million to scale its solution, a press release from Ocrolus said.
The Series B funding for Ocrolus came in August last year, where it netted $13.5 million. With the close of this round, the company has raised over $100 million from blue-chip financial investors. Other investors who participated in the round 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.
Ocrolus, founded in 2014, provides a modern document analysis infrastructure that powers the digital lending ecosystem, automating credit decisions across fintech, mortgage and banking. Sam Bobley, co-founder and CEO at Ocrolus, stated that Ocrolus helps lenders automate underwriting and leverage cash flow and income data for credit scoring and added,
By enabling lenders to more quickly analyze diverse sources of financial data, Ocrolus levels the playing field for every borrower, providing expanded access to credit at a lower costSam Bobley, co-founder and CEO at Ocrolus
Ocrolus stated that it would use the proceeds from the funding to aggressively build products for the mortgage lending and banking industries, expand its US operations, ramp-up hiring into 2022, focusing on machine learning and data science teams. Additionally, Ocrolus said it would open a new data quality control facility in Florida to accommodate financial institutions and government entities with onshore data requirements.
Logan Allin, managing general partner and founder at Fin VC and new Board member at Ocrolus, who would also join the Ocrolus Board with this round, expressed delight at supporting Ocrolus and hailing it as a category-leader in back-office automation, he added,
Mortgage lenders and banks recognize they need to adopt the same workflow digitization and underwriting automation used by fintech lenders.Logan Allin, managing general partner and founder at Fin VC