Lendio Partners with Ocrolus to Automate Bank Statement Analysis
Sep 17 2017
Silicon Slopes, UT — Lendio, the nation’s leading marketplace for small business loans, today announced a partnership with Ocrolus, the emerging leader in bank statement review automation. The PerfectAudit API, powered by Ocrolus, analyzes uploaded bank statements with 99+% accuracy, replacing manual review with automation. Ocrolus technology allows lenders, for the first time, to review every potential borrower’s bank statement data automatically, regardless of whether or not the borrower provides sensitive bank login credentials.
“Ocrolus technology elevated our bank statement analysis capabilities to the next level,” said Jim Granat, Lendio’s President and CRO. “We highly recommend PerfectAudit to lenders who wish to scale more efficiently and improve credit risk management.”
In April, Lendio became the first lending marketplace to integrate with Ocrolus, whose clients include banks, alternative lenders, accounting firms, law firms, and government entities. The PerfectAudit API gives Lendio the ability to systematically combat bank statement fraud and conduct a hyper-accurate review for every potential borrower.
“It’s truly a pleasure to be partnering with Lendio,” said Sam Bobley, CEO and Co-founder of Ocrolus. “We are inspired by Lendio’s company culture and impressive track record in small business lending.”
Speed is vital in the online lending industry. With Ocrolus technology, Lendio has whittled down its loan processing time to well under an hour with even greater accuracy. The partnership has already produced several updates to the technology as well, with improvements in speed, fraud detection, and overall function.
About Lendio Lendio is a free online service that helps business owners find the right small business loans within minutes. The center of small business lending, our passion is fueling the American Dream by uniting the small business loan industry and bringing all options together in one place, from short-term specialty financing to long-term low-interest traditional loans. Our technology makes small business lending simple, decreasing the amount of time and effort it takes to secure funding.
Ocrolus is a technology company that automates the review of bank statements. The Company’s PerfectAudit platform analyzes statements from every financial institution with 99+% accuracy, generating account information, summary analytics and a comprehensive database of transactions. By replacing one of the few remaining manual underwriting procedures with hyper-accurate automation, Ocrolus strives to strengthen the FinTech ecosystem.