NEW YORK, April 16, 2019 /PRNewswire/ -- Ocrolus, the emerging leader in data verification and cash-flow analytics, today announced a partnership with BlueVine, a leading provider of online working capital financing to small and medium-sized business lenders. BlueVine leverages Ocrolus technology to accelerate growth and scale operations efficiently, creating a faster and more seamless experience for its customers.
Ocrolus is a scalable fintech infrastructure platform that analyzes financial documents with speed and precision. Using artificial intelligence and crowdsourced validation, Ocrolus transforms e-statements, scans and cell phone images, regardless of quality, into 99+% accurate digital data. Results are generated in minutes.
BlueVine has provided over $1 billion in working capital financing to small and medium-sized businesses since its inception. The fintech pioneer uses proprietary AI and machine learning solutions to analyze thousands of data points, providing accurate financing decisions for clients in as little as 10 minutes.
After significant growth and $72 million in Series E funding, BlueVine partnered with Ocrolus to quickly scale up its underwriting operation. Working in conjunction with BlueVine's proprietary risk automation solutions, Ocrolus helps digitize applicant bank statements which are then analyzed by BlueVine's risk models, leading to even faster loan decisioning times and a more frictionless customer experience.
"BlueVine has been growing rapidly since we launched five years ago and we're excited to partner with Ocrolus, which has helped improve efficiencies in our operations and scale our business," BlueVine CEO Eyal Lifshitz said. "Ocrolus has enabled us to improve the customer experience and offer small business owners faster and more convenient access to financing."
"We're thrilled to partner with BlueVine and look forward to helping them scale as their impressive growth continues," Ocrolus COO Vikas Dua said. "As lenders throughout the industry have discovered, Ocrolus is a growth factor in and of itself -- we provide a solution that allows lenders to take their expansion to the next level."
Headquartered in NYC, Ocrolus is a scalable infrastructure platform that automates the analysis of digital documents and financial data. By eliminating manual review, Ocrolus empowers companies to reinvest their human capital and automate processes with industry-leading speed and accuracy.
Ocrolus services hundreds of customers in the financial sector and analyzes millions of transactions every day with 99+% accuracy. The company has raised $10 million thus far and is backed by Bullpen Capital and QED Investors, among others.
BlueVine provides fast, simple, easy financing to small and medium-sized businesses. BlueVine's online technology-enabled platform offers business owners convenient access to capital to pay for their everyday needs and to grow their business. BlueVine offers online invoice factoring, which allows businesses to access funds from their unpaid invoices, and revolving lines of credit that provide businesses with financing on demand. All lines of credit financing are issued by Celtic Bank, a Utah-chartered Industrial Bank, Member FDIC. Based in Redwood City, California, BlueVine has provided over $1.5 billion in financing to small businesses and is backed by leading private and institutional investors, including Lightspeed Venture Partners, Menlo Ventures, Citi Ventures, Nationwide Insurance and M12 (Microsoft's Venture Arm).