Ocrolus

Ocrolus is an AI-driven document automation platform that optimizes credit decisions for small business, mortgage, and consumer lending. The company's technology combines optical character recognition (OCR), machine learning, and Big Data to analyze financial documents such as bank statements, paystubs, and mortgage applications. Ocrolus' platform provides key data capture, cash flow analysis, and fraud detection with over 99% accuracy. The company's AI-powered service, Instant, allows lenders to analyze financial documents for faster lending decisions while reducing risk. Ocrolus integrates various AI technologies, including GPT embeddings from OpenAI, and subsystems from Amazon and Google, along with its proprietary deep learning architectures.

Ocrolus' technology is designed to process both structured and unstructured documents, with most documents processed without human interaction. This approach ensures accuracy regardless of the source material, whether it's a clean bank statement from a major bank or a blurry cell phone image from a small community bank.

The company has experienced significant growth since its inception. In the second quarter of 2021, Ocrolus reported revenue of USD 20 million, a substantial increase from USD 1 million in the first quarter of 2018. In May 2023, Ocrolus closed its strongest month for new business in company history, adding 20 new customers in 45 days across various lending sectors.

Key customers and partnerships

Ocrolus serves a diverse range of financial institutions, including small business, mortgage, consumer, and auto lenders, as well as technology partners in proptech and income verification. Notable clients include PayPal, Plaid, Enova, Bluevine, SoFi, Brex, and Cross Country Mortgage. Ocrolus has also expanded its focus to include banks and traditional financial institutions that are integrating digital products and services into their existing infrastructure.