London-based digital identity firm OCR Labs is to expand in North America and EMEA following a $30 million investment.
OCR Labs has now raised $46 million through this and Series A funding last year. This latest round , led by New York-based Equable Capital, will see it bolster its international growth with a new office in North America, a direct sales force, and hiring a global chief revenue officer.
“This investment provides us with the capital to continue our growth while bringing a value-added investor on to our board,” said John Myers, CEO of OCR Labs.
“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.”
Research shows that revenue for digital identity vendors will exceed $53 billion globally by 2026, doubling from $26 billion in 2021. The past year has seen OCR Labs grow its customer base, with a 500 percent increase in new clients and doubling its growth rate every year in the last three years.
OCR Labs supports clients across industries including financial services, government, telco, crypto and a variety of platform-based businesses, including SaaS providers. Customers include the Australian Government, Vodafone, ZIP and BMW.
Its automated solution removes the need for human intervention, speeding up identity verification and improving accuracy while ensuring customers have a smooth and seamless identity verification experience. Its technology is an accredited, biometric solution that combines optical character recognition (OCR), document fraud assessment, liveness detection, video fraud assessment, and face matching.
