Digital security firm secures $30m Series B round

A digital identity verification firm, based in London, has announced a $30m Series B round led by New York-based Equable Capital.

OCR Labs aims to solve major challenges including identity fraud and regulatory compliance. The end-to-end solution supports Anti Money Laundering (AML) and Know Your Customer (KYC) regulations and improves customer identity verification while reducing fraud.

OCR Labs is the only provider with unique deep learning engines that allows it to control the entire identity verification flow without human intervention. The founders invested in developing this technology after identifying issues in the market such as higher error rates with different skin tones from existing solutions.

Since announcing its Series A last year, OCR Labs has continued to scale into the UK and European markets. As part of its Series B, it is bolstering its international growth with a new office in North America, a direct sales force, and hiring a global chief revenue officer.

OCR Labs has raised $46M through its combined Series A and B. Previous investors include OYAK and Halkin Ventures.

John Myers, CEO of OCR Labs commented: “2021 was an incredible year for OCR Labs, with continued validation from customers who have chosen us as their provider for online digital identity verification. This investment provides us with the capital to continue our growth while bringing a value-added investor on to our board.

“Our vision remains unchanged: we strive to be the leading technology provider of digital identity verification, globally. The market opportunity continues to grow, and with our expansion in the US, and investment in our global sales effort, we’re in a phenomenal position to grow our customer base.”