Ocrolus, a startup aimed to change the way financial documents are analyzed via automation, introduced its new platform targeted to fintech developers Monday at Money 20/20. The platform, coined “Build on Ocrolus,” enables developers to leverage custom applications that automate document-driven workflows in lending.
The first to step up to the API’s plate: Plaid.
The fintech juggernaut partnered with Ocrolus at the Vegas-based convention to demonstrate how Plaid Income – its cloud application for verifying anyone’s income and employment – can be combined with Build on Ocrolus’ platform for a plug-and-play solution tailored to Plaid’s needs.
According to Ocrolus, the solution marries Plaid’s consumer-permissioned connectivity to income and payroll systems with Ocrolus’ ability to analyze documents uploaded by users. The Ocrolus API processes pay stubs, W2s, & other tax forms and then returns structured JSON data.
“Combining consumer-permissioned payroll data with document automation makes Plaid Income a complete solution for employment and income data verification that applies to a range of lending use cases,” said Kate Adamson, Head of Credit Product at Plaid.
“We believe that document upload is a viable option for users and, in some cases, it is a preference for them. Ocrolus allows us to offer a document verification solution that empowers consumers to verify their information in a way they prefer,” Adamson continued.
Since its 2014 inception, Ocrolus has described itself as a heavy hitter for the Human-in-the-Loop (HITL) scene – a branch of artificial intelligence that leverages both human and machine intelligence to create machine learning models.
And the model seems to finally be working. Just a month ago, Ocrolus secured $80 million dollars in a Series C funding round led by Fin VC that brought its total funding to just over $127 million. Apart from Plaid, the company has managed to land a number of high-profile fintech customers, including Brex, Enova, LendingClub, PayPal and SoFi.
At the time of its latest funding, Ocrolus said it plans to “aggressively” build new products for mortgage lending and banking industries, expand its US operations and scale its staff with a focus on machine learning and data science teams.
Now, with its Build on Ocrolus API, the company is looking to the expand in the “new wave of transformational fintech companies.”
“By enabling lenders to more quickly analyze financial data from diverse sources, Ocrolus levels the playing field for every borrower,” said Sam Bobley, Co-founder & CEO at Ocrolus.