With the gig economy came the need for identity verification, so startups like OnFido (raised $ 188.8 million) emerged, along with several others. But this sector is not yet “finished”.
Now, OCR Labs, which emerged from Australia, has announced a € 12.5million / $ 15million Series A funding round led by Turkish investors Oyak Group, to expand its services and team to the UK, Turkey and Europe. Halkin Ventures has invested in its funding round. The startup specializes in digital identity verification, customer onboarding, identity fraud and regulatory compliance.
OCR Labs, founded in 2018 by Daniel Aiello and Matthew Adams, says its technology uses “five proprietary technologies in a single solution, including optical character recognition (OCR), document fraud assessment, liveliness, video fraud evaluation and face matching ”. . This supports AML and KYC regulations.
Daniel Aiello, Co-Founder and CPO of OCR Labs, commented, “The need for digital verification is growing exponentially. Last year we saw more demand from new sectors as they attempt to navigate the pandemic and an inability to operate in person… No one wants to spend hours trying to prove who they are, what whether for a job or for a bank account, and we also want to know that we are protected against identity theft and fraud. Digital identity verification has a key role to play, but this year we have also seen the limits of using hybrid models. People are a barrier and a risk, but fully automated technology can have a huge impact on many industries and on privacy. OCR Labs is designed to be secure, smooth and fast, and able to recognize identity documents around the world.
OCR Labs is used by the recruitment company REED in the UK. Russ Cohn, an early member of Google’s UK leadership team, has been appointed managing director of international operations for OCR, based in London.
Cohn commented, “The technology Matt and Dan created is completely automated, so it doesn’t depend on any human behind the scenes. It is very important at the moment. We saw how COVID impacted this hybrid solution, so automation increases the speed and delivery of technology to our users… Many competitors are outsourcing and using different vendors to implement a solution.