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AI document automation platform Ocrolus says it added more than 100 customers this year in a challenging environment for lenders, and that expanded analytics capabilities and supported document types mean the company is able to support a growing number of use cases including more complex mortgage applications.
With the recent addition of new customers including EasyKnock, Bluepoint Mortgage and HomeTrust Bank, Ocrolus said that as of Tuesday, more than 450 companies now rely on its document automation technology.
Ocrolus claims its AI-driven document automation technology translates documents like bank statements, pay stubs and tax forms with more than 99 percent accuracy, and that it can also help lenders detect fraud and analyze cash flows and income.
Automating these processes is critical at a time when many lenders have been forced to downsize as rising interest rates curbed demand for loans, but want to be ready to handle an expected resurgence in business when rates come back down.
“Throughout 2023, financial services companies were focused on reducing fixed costs and increasing flexibility,” Ocrolus co-founder and CEO Sam Bobley said in a statement. “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.”
Based in New York, Ocrolus announced an $80 million Series C funding round in 2021 that valued the company at more than $500 million.
Built to harness the power of artificial intelligence, Ocrolus says it has processed more than 300 million pages of documents to date, which together represent a “substantial library of AI training data.”
The Ocrolus platform now supports more than 1,150 types of financial, legal and personal identification documents, the company said, “with hundreds of new document types being added every month.”
In May, Ocrolus announced it had integrated OpenAI’s text embeddings to better process bank statements, pay stubs and mortgage applications without human involvement.
This fall, Ocrolus released a new solution designed to help mortgage lenders automate their workflow, including income calculations for gig workers, the self-employed and other non-traditionally employed borrowers.
“Manual document processing and income analysis create a bottleneck in the origination process,” Ocrolus COO Vik Dua said at the time. “With Ocrolus’ enhanced mortgage offering, we’re empowering lenders with accurate document analysis to help reduce processing time, mitigate risk and maximize profit margin on every single loan.”
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