OCR Labs has announced a EUR 12.5 million Series A round led by Turkish investors the Oyak Group, to expand its services and team to the UK and Turkish markets.
OCR Labs proprietary technology is an accredited, biometric solution that provides customers with a digital identity verification experience. It uses five proprietary technologies in one solution, including identity document optical character recognition (OCR), document fraud assessment, liveness detection, video fraud assessment, and face matching. Furthermore, the end-to-end solution supports Anti Money Laundering (AML) and Know Your Customer (KYC) regulations.
Founded by Daniel Aiello and Matthew Adams, OCR Labs launched in Australia and New Zealand in 2018 and has been adopted by organisations both in highly regulated industries such as banking, finance, insurance, and government, as well as commercial entities including telco, ecommerce, and real estate.
The Series A investment from Oyak Group will be used to invest in technology innovation in order to scale OCR Labs into the UK and Turkish markets and grow its team in both London and Istanbul. The company already has a growing team in the UK where they have established their International HQ, and plans to double their presence in 2021.
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