After receiving new funding, OCR Labs plans to expand its services in Europe and North America.
As the digital identity market keeps expanding and is expected to reach $53 billion by 2026, it is good news for OCR Labs. To date, it has secured $46 million in funding, due to which OCR Labs are spreading their business around the world.
What is OCR Labs?
OCR Labs, with its HQ in London, is a company that provides customer on-boarding, data security, and fraud protection services. It helps in authenticating customer identity verifications and lowering identity thefts and frauds. However, it is now receiving more funding to launch its expansion to North America and EMEA markets.
On the event of Series B round, led by Equable Capital, a New York-based family office founded by Jonathan Smidt, a former partner at KKR, commented: “Our investment in OCR Labs was the culmination of a lot of work to find the leading provider of identity verification using identity documents and facial matching. OCR Labs’ solution has the highest accuracy and lowest error rates while protecting customer data and privacy and meeting the highest third-party testing and accreditations standards”.
OCR Labs has a vast clientele, and many big names are currently taking its services, such as the Australian Government, Vodafone, ZIP, and BMW. Moreover, in the upcoming years, OCR Labs is looking to partner with more prominent companies.
What does OCR Labs do?
OCR Labs is a significant provider of customer identity verification security. It combines proprietary biometric solutions with optical character recognition (OCR). This is essential in document fraud assessment, liveness detection, video fraud assessment, and face matching.
The central claim of OCR Labs is that “they are the only provider with unique deep learning engines that allows controlling the entire identity verification flow without human intervention.”
However, OCR Labs has a crosstown rival, iProove, which provides similar services. iProov has recently secured more funding than OCR Labs, consisting of $70 million. It has 12 granted patents and a massive customer list that includes the US Department of Homeland Security, the UK Home Office, and the Australian Taxation Office. Additionally, it reported receiving 1 million verifications in a single day in 2021.