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With the gig economy came the need for ID verification, thus startups like OnFido appeared, alongside several others. But this sector is by no means done yet.
Now, OCR Labs, which emerged from Australia, has announced a €12.5 million / $15 million Series A funding round led by Turkish investors Oyak Group, to expand its services and team to the U.K., Turkey and Europe. Halkin Ventures invested in its seed round. The startup specializes in digital ID verification, customer onboarding, identity fraud and regulatory compliance.
OCR Labs, founded in 2018 by Daniel Aiello and Matthew Adams, says its technology uses “five proprietary technologies in one solution, including identity document optical character recognition (OCR), document fraud assessment, liveness detection, video fraud assessment, and face matching”. This supports AML and KYC regulations.
OCR Labs is used by recruitment business REED in the U.K. Russ Cohn, an early member of the Google UK leadership team, has been appointed OCR’s general manager of International Operations, based out of London.