Ocrolus
Ocrolus is an intelligent document automation software specifically designed for the fintech industry. It utilizes AI-driven technology to ...
Last verified:
What is Ocrolus?
Ocrolus is an AI-powered workflow and analytics platform designed specifically for lenders and financial institutions. It automates financial document analysis with AI precision, transforming documents and digital data into industry-focused credit analytics. The platform specializes in regulatory-grade data capture and fraud detection for bank statements, pay stubs, and tax forms, enabling lenders to make faster and more accurate underwriting decisions with trusted data.
The platform offers four core capabilities: Classify (automatically recognizes and categorizes documents using machine learning), Capture (extracts data into structured format eliminating manual entry), Detect (checks for fraud signs like file tampering, invalid dates, abnormal fonts), and Analyze (provides deep insights into borrower cash flows and income with clean, normalized data). Ocrolus integrates directly into existing Loan Origination Systems via API, delivering results in under 15 minutes for data extraction and supporting 750k credit apps per month across 3,700+ active user accounts.
Ocrolus is designed for auto finance companies, consumer lending institutions, legal firms, Medicaid providers, tax preparers, and tenant screening services. It serves small business funding, mortgage underwriting, and credit unions. The platform combines AI-powered systems with human-in-the-loop validation for precise, reliable results with over 99% accuracy, helping lenders reduce labor costs, boost conversion rates by delighting borrowers with real-time experiences, and say yes more often to borrowers who pay back.
Ocrolus pricing
Pricing model: Free
Ocrolus does not publicly disclose pricing on their website. Pricing is enterprise/custom and requires contacting sales for a quote. According to vendor data, the median buyer pays $110,000 per year, with contract values ranging from $74,000 (low) to $522,000 (high). A free trial is available. The platform uses outcome-based unit economics and is delivered through API integration into existing customer workflows.
Ocrolus pros
- Over 99% accuracy on financial document analysis
- Data extraction turnaround time under 15 minutes
- Direct API integration into existing Loan Origination Systems
- Specialized fraud detection for bank statements and tax forms
- Human-in-the-loop validation for critical assurance
- Processes 750k credit applications per month at scale
- Regulatory-grade data capture compliant with industry standards
- Clean, normalized cash flow analytics for borrower insights
- Reduces labor costs significantly in mortgage underwriting
- Automated classification eliminates manual document sorting
- Structured JSON output eliminates manual data entry
- Documents-to-Digital feature compares Plaid and bank statement data
- Automated conditioning for mortgage underwriting workflows
- Real-time borrower experience boosts application conversion
- Supports North American bank statements, pay stubs, tax forms
Ocrolus cons
- Only supports North American documents at this time
- Custom enterprise pricing requires contacting sales (no公开 pricing)
- Hard size limit of 200 MB or 3000 pages per document
- No free tier available for small users or startups
- CSV/JSON export for cash flow analytics not yet available
- Requires API integration knowledge for full implementation
- May not support specialized international document formats
- Median annual cost of $110,000 may be expensive for small lenders
Frequently asked questions about Ocrolus
What types of documents does Ocrolus support?
Ocrolus specializes in bank statements, pay stubs, and tax forms. The platform currently supports North American documents only. It can process documents through its API for classification, data capture, fraud detection, and cash flow analysis.
How accurate is Ocrolus document processing?
Ocrolus analyzes financial documents with over 99% accuracy every time. The platform combines AI-powered systems with human-in-the-loop validation to ensure precise, reliable results for regulatory-grade data capture.
What is the Ocrolus API and how does it work?
The Ocrolus API is a simple and secure HTTP API that accepts JSON payloads as input parameters and returns actionable data in JSON format. It seamlessly classifies documents, captures key data fields, detects fraud, and analyzes cash flows and income, returning structured data that eliminates manual entry.
How does Ocrolus fraud detection work?
Ocrolus checks qualifying documents for signs of suspicious activity including file tampering, incomplete data sets, invalid dates and amounts, abnormal fonts, and irregular formats. The fraud detection algorithms work around the clock to keep financial documents secure.
What is the turnaround time for data extraction?
Ocrolus reduces turnaround times for data extraction to under 15 minutes. This enables customers like Fora to provide loan decisions within 4 hours and funding in under 24 hours.
Can I customize how Ocrolus calculates revenue?
Yes, there are several ways to update a transaction's revenue status on the Transactions page: using the Revenue column toggle, the Transaction Detail panel, or the bulk action feature to update multiple transactions to be included or excluded from revenue calculations.
What is the Docs-to-Digital feature?
Docs-to-Digital compares Plaid transactions with bank statement transactions to detect mismatches. It verifies that both Plaid transactions and bank statement data reference the same underlying bank account, flags mismatched transactions, and sends notifications via email or webhook for further action.
How many customers use Ocrolus?
Ocrolus has 3,700+ active user accounts and analyzes 750k credit apps per month. The company has raised $110M in venture funding and is recognized as one of the fastest-growing private companies on Forbes Next Billion Dollar Startups list.
Can I export cash flow analytics data as CSV or JSON?
Not at this time. The functionality to export CSV or JSON files containing cash flow analytics information is currently being built out. However, you can export all account and transaction information on the Accounts or Transactions page by clicking the Upload button, and visualizations can be downloaded with their underlying data.
What industries does Ocrolus serve?
Ocrolus serves auto finance, consumer lending, legal, Medicaid, tax, and tenant screening industries. It powers underwriting workflows for small business funding, mortgage underwriting, and credit unions, with integrations into Loan Origination Systems for financial institutions.