Led · Series A · Jun 2021

OCR Labs offers a verification technology platform that supports digital identity verification, AML/KYC compliance and fraud reduction. Its solution is used across financial services, government, telco, crypto and platform businesses, including SaaS providers. Customers named in the article include the Australian Government, Vodafone, ZIP and BMW. The company was founded in 2016 by Matthew Adams and Daniel Aiello and is led by CEO John Myers. It is headquartered in London with offices in Australia and Turkey. OCR Labs plans to expand its team in North America and EMEA, open a new North America office, build a direct sales force and hire a global Chief Revenue Officer; it also recently completed a Series B raise. OCR Labs builds an automated digital identity verification platform that supports AML/KYC compliance, customer onboarding, and identity fraud prevention. The company combines five proprietary technologies—identity document optical character recognition (OCR), document fraud assessment, liveness detection, video fraud assessment, and face matching—into a single solution. OCR Labs says its technology is fully automated and capable of recognizing ID documents globally. The platform is used by customers such as recruitment business REED in the U.K. and is positioned to reduce friction and fraud in remote verification. OCR Labs has expanded its international team, appointing Russ Cohn as general manager of International Operations based in London. The company plans to use its recent funding to expand services and grow the team in the U.K., Turkey and Europe.