OCR Labs receives USD 30 mln in Series B

Wednesday 23 February 2022 07:01 CET | News

Australia-based provider of digital identity verification technology OCR Labs has secured USD 30 million in a Series B funding led by Equable Capital.

Founded in 2016, OCR Labs launched its first product in 2018 and focuses on a proprietary technology that provides fully automated identity verification through ID document validation and facial biometrics. Its contributions to the digital identity security helped lower the risk of identity fraud and improved regulatory compliance. The end-to-end solution provided by OCR Labs supports regulations in key-fields like KYC (Know Your Customer) and AML (Anti-Money Laundering) to boost customer identity verification.

The company received the first round of funding in 2021, worth USD 16 million, and continued to scale into the UK and European markets. The new capital infusion will be used to bolster its international growth, including opening a new office in North America.

The fintech supports clients from various industries, from financial services to crypto, government agencies, and SaaS providers, and some of the customers include BMW, Vodafone, and the Australian Government.

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Keywords: KYC, eKYC, AML, funding, identity verification, digital identity, expansion, SaaS
Categories: Fraud & Financial Crime
Countries: North America
This article is part of category

Fraud & Financial Crime

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