May25 , 2024

Ocrolus Achieves Significant Technology and Customer Growth in 2023 Amid Market Challenges

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The company onboarded over 100 new customers this year, exceeded 300 million pages analyzed and now supports more than 1,150 document types  

NEW YORK, Dec. 19, 2023 /PRNewswire/ — Ocrolus, a leader in AI-driven document automation for faster, more accurate financial decisions, is slated to finish 2023 strong following a year-long expansion of its customer base, industry-leading data set and platform offerings that support efficiency, flexibility and sustainable growth for customers. 

Throughout the year, Ocrolus added over 100 new customers including small business, mortgage, consumer and auto lenders, as well as technology partners in prop-tech and income verification. New customers include companies such as Best Egg, EasyKnock, HomeTrust Bank, Wex, SellersFi and Cornerstone Capital Bank. In total, more than 450 customers now use the company’s document automation technology for more confident and efficient financial decision-making. 

The company’s growth has continued as lenders faced several challenges and uncertainties in 2023, including higher cost of capital, increased delinquency and fluctuating demand. Amid these challenges, financial services organizations have integrated Ocrolus technologies, such as document automation and cash flow analytics, to improve operational efficiency and prepare for long-term scalability. 

“Throughout 2023, financial services companies were focused on reducing fixed costs and increasing flexibility,” said Sam Bobley, co-founder and CEO of Ocrolus. “We were able to onboard a record-breaking number of new customers in a difficult environment, thanks to the unique value of our on-demand, back-office infrastructure solution.”

Ocrolus also continued to build its substantial library of AI training data in 2023, reaching more than 300 million pages of documents processed. Further, the company launched new offerings and capabilities for lenders across multiple verticals, including:

  • Instant, a cost-effective, machine-only offering that empowers lenders to analyze bank statements and other financial documents more efficiently than ever before.
  • An enhanced dashboard for mortgage lenders, with the ability to automate income calculations for both traditional and self-employed borrowers.
  • Expanded analytics capabilities, providing small business lenders with real-time insights on borrowers’ financial health with automated cash flow analytics.
  • The Detect Authenticity Score, which provides a holistic view of a document’s authenticity to simplify the complex process of reviewing fraud signals and streamline workflows for more confidence in financial decisions.

These enhancements further position lenders to automate workflows, increase capacity, manage credit risk and detect fraud with AI-driven document automation. As Ocrolus technology continues to evolve and improve, the platform now supports more than 1,150 types of financial, legal and personal identification documents, with hundreds of new document types being added every month. This expansion allows Ocrolus to support a growing number of financial use cases, such as tax preparation and more complex mortgage applications. 

About Ocrolus 
Ocrolus is a document AI platform that enables faster and more accurate financial decision-making. The company analyzes documents with over 99% accuracy, regardless of format or quality, supporting over a thousand types of documents including bank statements, pay stubs and tax forms. Ocrolus provides a trusted solution to detect fraud, analyze cash flows and income, and streamline decisions for 400+ clients across a number of use cases. Customers such as Enova, PayPal, Brex, CrossCountry Mortgage, Plaid and SoFi leverage Ocrolus automation to build delightful user experiences. To learn more, visit Ocrolus.com.

SOURCE Ocrolus

Originally published at https://www.prnewswire.com/news-releases/ocrolus-achieves-significant-technology-and-customer-growth-in-2023-amid-market-challenges-302019241.html
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