Ocrolus, Blend partner to automate loans
The Ocrolus document automation platform and the Blend cloud banking platform announced on Monday, November 8 a strategic partnership that will integrate Ocrolus’ Human-in-the-Loop (HITL) document analysis solution into the Blend platform to accelerate digital mortgage applications.
“Adding automated document review to Blend is an essential next step in streamlining the end-to-end borrower journey,” Nima Ghamsari, co-founder and director of Blend, said in a press release. “We have partnered with Ocrolus because of their unique ability to analyze mortgage documents with exceptional speed and precision. “
Ocrolus is Blend’s leading document automation provider, initially focusing on document classification and data capture for mortgage applications and potentially expanding into consumer and small business loan applications, have reported companies.
“Blend is a clear leader in the cloud banking industry with a premier user journey for mortgage borrowers,” said Sam Bobley, co-founder and CEO of Ocrolus, in the press release. “At Ocrolus, our focus is on API-based document automation for lenders, a backend service that perfectly complements Blend’s powerful front-end experience.
Read more: Ocrolus Worth Exceeds $ 500 Million After Clearing $ 80 Million In Series C Cycle
In September, Ocrolus announced that it had raised $ 80 million in a Series C funding round that valued the document automation platform at over $ 500 million. The company said at the time that it would use the financing to develop its products in the mortgage and banking sectors and expand its operations in the United States.
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Two months earlier, in July, Blend Labs, Inc. launched its initial public offering of 20 million Class A common shares on the New York Stock Exchange, starting at $ 18 per share and crossing the $ 20 threshold. per share in early action. on the floor. The IPO brought in $ 360 million for the digital lender, valuing it at $ 4 billion.