The round was led by Fin VC.
Ocrolus, which powers document workflows for clients that include LendingClub, PayPal, Plaid and SoFi, said it will use the funding to ramp up its products for the mortgage lending and banking sectors and expand its operations in the U.S.
The company provides what it calls Human-in-the-Loop document processing and automation that allows clients to classify financial documents, detect fraud and analyze cash flow, allowing lenders to make decisions that are quicker and more data driven.
“Prior to the pandemic, less than 1% of loans in the world were made online. Since the COVID-19 outbreak, demand for digital lending technology among traditional financial services firms has accelerated dramatically,” the company said. “Now, as COVID-19 has forced financial institutions to evolve, every lender and bank has no choice but to offer online options to customers.”
In recent months, the company says it worked with partners such as Cross River Bank, Square, BlueVine and Womply to process more than 2.5 million PPP loans, while also helping mortgage lenders provide a streamlined customer experience.
Ocrolus has added 75 members to its corporate team this year, and plans to escalate hiring in 2022, focusing on its machine learning and data science teams. The company also plans to open a new data quality control facility in Florida to accommodate financial institutions and government entities with onshore data requirements.
Earlier this month, Ocrolus announced the launch of a cash flow-informed credit model that takes cash flow analytics from bank statements and uses them to determine the likelihood of default. It’s designed to give lenders a closer understanding of their customers’ financial dynamics, letting them link cash flow health and future repayment behavior.