FintechProptech

Ocrolus launches its plug-and-play platform for Developers, starting with Plaid

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.

Latest Articles

How fintechs work with outsourced customer service providers to meet demand
Dec 03, 2021 By

For new, fast-growing fintechs, mastering the user experience and refining product capabilities can be a significant investment. The challenge is that financial services customers also demand a seamless customer service experience. According to a survey by enterprise contact center platform Talkdesk last year, two-thirds of the nearly 900 consumers polled said one bad customer experience […]

Content from our partners

Log In

Forgot Password?

Don't have an account? Please

Register

Forgot Password

Please enter your registered email address below to receive a password reset link.

Check Your Email

A password reset email has been sent to the email address on file for your account, but may take several minutes to show up in your inbox. Please wait at least 10 minutes before attempting another reset.

Welcome to FinAssist

Go to your inbox and open 'Welcome to FinAssist, your company discovery platform' to get started. You may also skip your inbox and 'Start tutorial'.