A digital identity verification company has raised £22 million to fund international growth.
London-headquartered OCR Labs aims to solve major challenges including identity fraud and regulatory compliance. Its solution supports anti-money laundering and know your customer regulations.
Founded in 2016 by Matthew Adams and Daniel Aiello, it says its deep learning engines allow it to control the entire identity verification flow without human intervention. The founders identified issues in the market that included the use of document templates and higher error rates with different skin tones.
Its clients span financial services, government, telco, cryptocurrency and a variety of platform-based businesses, including SaaS providers. Customers include the Australian Government, Vodafone, ZIP and BMW.
The £22 million funding was led by New York-based Equable Capital to expand its team in North America and EMEA.
“2021 was an incredible year for OCR Labs, with continued validation from customers who have chosen us as their provider for online digital identity verification,” said John Myers, CEO. “This investment provides us with the capital to continue our growth while bringing a value-added investor on to our board.
“Our vision remains unchanged: we strive to be the leading technology provider of digital identity verification, globally. The market opportunity continues to grow, and with our expansion in the US, and investment in our global sales effort, we’re in a phenomenal position to grow our customer base.“
Since announcing its Series A last year, OCR Labs has continued to scale into the UK and European markets. As part of its Series B, it is bolstering its international growth with a new office in North America, a direct sales force, and hiring a global chief revenue officer.
The past year has seen OCR Labs grow its customer base substantially, with a 500% increase in new clients and doubling its growth rate every year in the last three years.
Alain Meier, co-founder and CEO of client Cognito, said “OCR Labs has been one of Cognito’s preferred partners for ID document verification.
“The company is extremely nimble, and their products help to verify users that other systems struggle with. We have loved working with OCR Labs and look forward to growing with them after their Series B.”