Veryfi Alternative

Veryfi offers multimodal OCR APIs for invoices, receipts, and financial documents with industry-leading accuracy and fraud prevention. Their platform transforms documents into structured data with enterprise-grade security and 99.995% uptime.

API ServiceSan Francisco, California, USAFounded 20140.0M users

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Company Overview

About Veryfi

Veryfi offers multimodal OCR APIs for invoices, receipts, and financial documents with industry-leading accuracy and fraud prevention. Their platform transforms documents into structured data with enterprise-grade security and 99.995% uptime.

Valuation:~$20M estimated
Team Size:11-50
Funding:Bootstrapped

Target Market

Developers and tech companies building invoice processing into their applications

Business Size:

small

Industries:

FinTechSaaSTechnologyFinancial Services

Geography:

GlobalNorth America

Features Overview

AI-Powered

UK Compliance

VAT Support

CIS Support

Automation

Mobile App

API Access

Custom Templates

Multi-Currency

Batch Processing

OCR Accuracy: 98%

Accounting Integrations

QuickBooksXeroSAP

Pricing Structure

Free

Free
  • Up to 100 documents/month

  • All document types

  • SDKs for development

  • Limited storage

  • Email support

Invoices:

100/month

POPULAR

Starter

USD500/month
  • $0.16 per invoice

  • $0.08 per receipt

  • All document types

  • Limited storage

  • Email support

Growth

USD1000/month
  • Volume discounts

  • Fraud detection

  • Document capture

  • Priority support

  • Custom SLAs

Additional Usage Fees

$0.16 per invoice, $0.08 per receipt with volume discounts

Pros & Cons

Strengths

7
  • Exceptional 99.995% uptime guarantee

  • Support for 38 languages and 91+ currencies

  • SOC 2 Type 2, HIPAA, GDPR, CCPA compliant

  • Deterministic AI (no hallucinations)

  • In-house models trained on H100/A100 GPUs

  • Generous 100 docs/month free tier

  • Fraud detection included

Weaknesses

6
  • Expensive per-document pricing ($0.16/invoice)

  • No UK-specific compliance features

  • $500/month minimum for paid plans

  • 15-page limit per document (custom needed for more)

  • Developer-focused, not user-friendly for non-technical users

  • Limited storage on lower tiers

Customer Reviews

4.5

Overall Rating

4.6

G2

4.4

Capterra

Common User Feedback

"Best OCR API for developers - easy to integrate"

"Excellent fraud detection catches duplicate invoices"

"99.995% uptime is real - never had downtime"

"Pricing adds up quickly at scale"

Why Choose Elektroluma Over Veryfi?

Elektroluma Advantages

AI-Powered Automation

Automated invoice parsing and data extraction with 99% accuracy. No manual data entry required.

90% Faster Processing

Process invoices in under 5 seconds vs 5-10 minutes manual entry. Save hours every week.

UK-First Compliance

Built-in VAT, CIS, and HMRC compliance. Designed specifically for UK small businesses.

UK Data Residency

All data stored in UK data centers. GDPR compliant with UK-based support team.

Key Differentiators

Elektroluma offers unlimited invoices at £29/mo vs $500+ minimum

No per-document fees - process 1,000s without extra costs

Built for UK tradespeople, not developers

VAT and CIS compliance out of the box

No technical skills required

Mobile app designed for job sites

Easy Migration Path

Veryfi API users can save thousands monthly by switching to Elektroluma's unlimited processing. No coding required - just upload and process.

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