Source: Today In Finance
NEW YORK, May 6, 2019 /PRNewswire/ — Ocrolus, the industry leader in data verification and cash-flow analytics, today announced a partnership with inFactor, the innovative financing platform that brings clarity and security to small business financing. This partnership combines two powerful technology solutions to drive end-to-end underwriting automation for Merchant Cash Advance (MCA) lenders.
Ocrolus is a 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.
inFactor empowers finance companies to manage the entire lifecycle of loans and merchant cash advances to small businesses. Beginning with originations, the platform securely connects with sources of verified data about small businesses, such credit reporting services and bank account data. inFactor also streamlines servicing and provides an unparalleled level of data integrity in payment reporting, with the platform managing every transaction in real-time.
Ocrolus bank statement analysis is now an embedded component of inFactor’s loan origination and servicing solution. Leveraging the Ocrolus API, inFactor eliminates the need for its customers to enter data and manually assess borrower cash-flows. This technology partnership enables MCA originators to speed up application processing times, cut costs, improve data integrity, and combat fraud.
“We are thrilled to be partnering with Ocrolus through the addition of its industry-leading technology to our overall platform,” inFactor Co-Founder Ethan Schwarzbach said. “inFactor and Ocrolus share the same goals in that we both aim to help our originator clients scale their businesses. This partnership helps further those initiatives by adding another element of automation to the underwriting process, simultaneously increasing decisioning speed while also lowering operational expenses.”
“This partnership with inFactor underscores our mutual desire to bring increased automation and transparency to the merchant cash advance space,” said Elliot Storey, who oversees Partnerships at Ocrolus. “We look forward to working with inFactor to provide a one-stop shop for MCA lenders to scale their businesses effectively.”
Headquartered in NYC, Ocrolus is a fintech 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.
Visit www.ocrolus.com for more information.
inFactor is a Financial Technology company focused on bringing clarity and security to small business financing. Through the inFactor Platform, the company has developed the first Secure Funding Ecosystem™ which enables finance companies to manage the entire lifecycle of loans and merchant cash advances to small businesses across the United States of America. The platform provides all of the tools an underwriter needs to quickly and efficiently decision and price financing. inFactor Platform also streamlines servicing and provides an unparalleled level of data integrity in payment reporting as the platform manages every transaction in real-time.
Visit www.infactor.com for more information.
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