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stanley cup crolus has raised $80 million in a Series C funding round that values the document automation platfor
stanley ca m at more than $500 million, according to a Thursday Sept. 23 press release.聽The round was led by Fin VC.Ocrolus, which powers document workflows for clients that include LendingClub, PayPal, Plaid and SoFi, said it will use the funding to ramp up its products for the mortgage lending and banking sectors and expand its operations in the U.S.聽The company provides what it calls Human-in-the-Loop document processing and automation that allows clients to classify financial documents, detect fraud and analyze cash flow, allowing lenders to make decisions that are quicker and more data driven.聽 Prior to the pandemic, less than 1% of loans in the world were made online. Since the COVID-19 outbreak, demand for digital lending technology among traditional financial services firms has accelerated dramatically, the company said. Now, as COVID-19 has forced financial institutions to evolve, every lender and bank has no choice but to offer online options to customers. 聽In recent months, the company says it worked with partners such as Cross River Bank, Square, BlueVine and Womply to process more than 2.5 million PPP loans, while also helping mortgage lenders provide a streamlined customer experience.聽Ocrolus has added 75 members to its corporate team this year, and plans to escalate hiring in 2022, focusing on its machine learning and data science teams. The company also plans to
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To simplify car auctions, DriveTime unveiled a new mobile app dubbed Buyonic. The app seeks to streamline, automate and reinvent the auction purchasing process, the company聽said in an announcement. We began piloting Buyonic with our online buyers beginning in December of last year, and it is now in use with all of our in-lane and online buyers, Maureen Needham, Director/IT, Inventory for DriveTime, said in the announcement.The app offers features such as pre-filtered vehicle lists guiding buy strategies and live actions as well as recommended purchase values. In addition, the app includes live performance tracking and cars estimated reconditioning value. In the future, DriveTime聽is planning some enhancements, such as a聽recommended delivery location and an automated condition report evaluation, according to Needham. Long term, we expect our most recent innovation, Buyonic, to help us
stanley us capture the entire inventory lifecycle of auction, purchase and reconditioning data, allowing us to strategically use the information to win more bids at a better price with lower reconditioning costs, while continuing to provide our customers with high-quality vehicles, DriveTime Vice Presi
stanley quencher dent of Inventory Colin Bachinsky said in the announceme
stanley termos nt. Were just beginning to scratch the surface of the quality, efficiency and cost-reduction opportunities. Arizona-based DriveTime, the countrys second-largest used car retailer focused solely on used vehicles, operates over 140 dealerships nationwide
