OCR Labs Raises €12.5M Series A to Launch its Digital ID Verification Solution in the UK
OCR Labs has announced a €12.5m Series A round led by Turkish investors the Oyak Group, to expand its services and team to the UK and Turkish markets.
The Australian founded company is viewed as a world leader in the digital ID verification space, solving major challenges including identity fraud and regulatory compliance, using its proprietary technology.
OCR Labs Founders Daniel Aiello and Matthew Adams wanted to create a product that streamlined customer onboarding whilst protecting organisations against the increasing risk of fraud and identity theft. They wanted to build a fully automated process, removing the need for people in the process, to speed up verification and help conversion.
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 company has experienced triple digit growth in Australia since launch.
Daniel Aiello, Co-Founder and CPO of OCR Labs, commented: “The need for digital verification is growing exponentially. This past year we’ve seen more demand from new sectors as they try to navigate the pandemic and an inability to operate in-person. We believe it has accelerated what needed to happen. No-one wants to spend hours trying to prove who they are, whether it’s for a job or for a bank account, and we also want to know we’re protected against identity theft and fraud. Digital ID verification has a key role to play, but this year we’ve also seen the limitations if hybrid models are used. People are a barrier and a risk, but fully automated technology can have a huge impact on many industries and privacy. OCR Labs is built to be secure, frictionless and fast, and capable of recognising ID documents the world over.
Aiello continued: “We’re incredibly excited to expand our team in the UK and Turkey, collaborating with our new investors, to help more enterprises solve the problem of identity verification using our solution.”
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 this year.
Russ Cohn has been appointed General Manager of International Operations having previously been a key early member of the Google UK leadership team. OCR Labs will initially expand further into EMEA and is also exploring new markets around the world. The company continues to be supported by Halkin Ventures who invested in its seed round.
Adiel Jacobs, Director of Halkin Ventures, added, “We are very excited to support the growth of OCR Labs by helping them to expand their industry leading digital identity verification solutions internationally, starting in the UK and Turkey. With regulatory frameworks and customer onboarding advancing in both traditional and the non-traditional markets, we foresee the adoption of fully automated identity verification as a game changer for user experience and business growth. We believe our collaboration with OCR Labs will be a crucial step in revolutionising remote identity verification.”