London digital ID firm scoops up $30m to accelerate US expansion
A London-based digital identity firm has scooped up $30m from New York investment outfit Equable Capital as it looks to roll out of its identity fraud technology into North America.
OCR Labs, which provides identification technology with digital documents and facial verification, said it would now bolster its growth into North America with a direct sales force, and a new global Chief Revenue Officer.
Boss John Myers said the firm was now looking to build on a stellar year.
“This investment provides us with the capital to continue our growth while bringing a value-added investor on to our board,” he said.
“The market opportunity continues to grow, and with our expansion in the US, and investment in our global sales effort, we’re in a phenomenal position to grow our customer base.“
OCR has been lifted by a boom in its customer base over the last year, with 500 per cent growth of new clients.
It comes amid a wider boom in demand for digital ID products with the market predicted to explode to $53bn globally by 2026.
OCR currently boasts a client base across industries including financial services, government, telco and crypto, including the Australian Government, Vodafone, ZIP and BMW.
The firm has now raised $46m across its series A round last July and and series B round this year.