Top 10 Nanonets Alternatives to Consider in 2024

Check out the top 10 Nanonets alternatives, compare their features, pricing, pros, etc., and choose the best alternative for your business needs.

Table of contents

While Nanonets is a reliable OCR solution, it may not be tailored to your specific business needs. 

Fortunately, there are several alternatives to Nanonets that can align with your goals and strategically meet your requirements. 

This article discusses the top Nanonets alternatives and why you might need one. 

Let’s go. 

Why consider alternatives to Nanonets?

According to Deloitte, 80% of companies are still conducting verification and similar checks manually. Optical Character Recognition (OCR) technology can significantly help with this, especially by aiding fintechs and banks in digitizing their AML compliance and KYC identity verification. 

Nanonets has made a name in the document processing framework with OCR-powered data extraction. However, while this solution works for some use cases, it may not work for everyone for the following reasons:

Growing business needs: You need a more customized solution with an increasing enterprise-level customer base. This calls for advanced features and integrations you may not find in your current tool.
Cost constraints: A growing business also calls for moving from a free plan to a paid one. But at the same time, you need a paid plan that fits your budgetary requirements. 
Accuracy: While Nanonets is known to be accurate, some functions may need a higher level of accuracy, and consider other solutions. 
Set-up time: Setting up Nanonet’s overall solution can take some time. This isn’t ideal for businesses looking to deploy the solution quickly and see it in action. 

How we evaluated & shortlisted each Nanonets alternative

We checked out some of the top tools in a similar range to Nanonets regarding features, pricing, overall solution, and OCR technology. We checked out around 40 tools and selected the top 10 after analyzing their performance and reviews on listing sites like G2, Capterra & Software Advice. 

Listing of 10 Nanonets alternatives for document processing 

Name Pricing Standout feature 
Custom Digital identity verification & face authentication 
Custom Cognitive data capture 
$12/monthAuto-filling & sorting 
Custom Signature & table detection 
$500/monthHuman cross-verification 
$32/monthCustom-parsing rules
$69/year for Mac and $99/year for Windows Comparison of documents in different formats 
Starts from $199/month for accountants and $24/month for business ownersIntegration to accounting tools 
$500/monthWhatsApp chatbot integration 
$129/monthInvoice & currency management 

1. HyperVerge 

HyperVerge OCR

HyperVerge provides AI-powered OCR technology to process structured and unstructured documents with 95% accuracy. Users can capture, upload, and get digital copies of edited documents within minutes. 

HyperVerge provides an automated workflow-based solution that allows companies to verify documents, conduct KYC checks, and detect potential fraud. HyperVerge holds credibility due to its notable clientele, such as L&T, LIC, and Acko, who have leveraged HyperVerge’s Optical Character Recognition technology to automate verification workflows. 

Best For

Banks, insurance companies, financial institutions, logistics, & small businesses.

Features better than Nanonets

KYC document verification: HyperVerge offers OCR tools to boost document verification in multiple industries for KYC and AML compliance. These programs ensure that businesses meet regulatory compliance without fines or penalties. 

No-code workflow builder: Customers can easily build workflows using drag-and-drop interfaces from compliance, customizable, and pre-designed workflow options. 

Mobile capability: HyperVerge provides a mobile-first solution that allows users to upload and extract documents using smartphones, a feature absent in Nanotech. 

HyperVerge pricing

HyperVerge offers the following pricing plans:

Start plan (for startups): This plan includes a free one-month trial and the benefit of seamless integration in less than four hours.Grow plan (for midsize companies): This plan includes all the features of the start plan. It provides businesses access to custom workflows and allows them to view and manage document processing. Enterprise plan (For enterprise-level organizations): This plan offers all the grow plan offerings, collaborative tools, a custom pricing structure, and dedicated support.

What do HyperVerge users say?

“Their no-code workflow builder has helped set up an onboarding flow for our customers. HyperVerge has modules like age verification, address verification, document verification, and AML, which have been helpful for us. Unlike the other competitors, their team has been very quick to respond.”

Akshay P.,
Director, Small-Business ★★★★★ (5/5)
“HyperVerge is one the best products for our customer onboarding process. The AI accuracy is world-class, and the KYC verification takes less than a minute and is pretty smooth. The no-code platform is a big win, letting us go live super fast; it’s pretty simple and easy to use. Plus, it’s a one-stop shop, so no more juggling multiple vendors.”

Mayank P.,
Angel Investor, Small-Business ★★★★★ (5/5)
“Regarding KYC, I haven’t seen anyone do it as well as HyperVerge. EKYC, CKYC, Digital KYC, or Video KYC, they excel at it all. During the KYC process, we went from a drop-off rate of 38% to a drop-off rate of 6%. It adds to our topline revenue”

Dinesh A.,
Co-founder and CTO, Small-Business ★★★★★ (5/5)

Looking to automate document processing with utmost accuracy?

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Client video testimonial 

Check out the experiences of customers who have used HyperVerge. 

2. Rossum 

An overview of Rossum’s tool in action with a dashboard

Rossum is a Nanonets alternative with an AI-based cloud document processing tool for data extraction. Rossum receives documents across multiple channels, automates business processes and transactional workflows, validates data, and provides analytics to view key metrics. Rossum also facilitates seamless communication to avoid manual intervention follow-up on discrepancies and intelligently filters out spam and duplicate documents. 

Best for 

IT, health & wellness, mid-market businesses, etc. 

Pricing 

Rossum offers custom pricing. You can get a quotation according to your business needs and feature requirements. 

Key features of Rossum 

  • Intelligent document processing: Rossum facilitates intelligent document processing where it pre-processes, captures, and validates documents using accurate OCR modules. 
  • Multi-format support: Rossum supports a variety of file tules like PPT, PDF, JPEG, XLS, etc
  • Image enhancement: You can enhance or edit images before processing, such as by rotating them, cropping them, or removing background noise.

Pros 

✓Rossum has a user-friendly interface and updates features in short intervals. 

✓ The service stands out with Rossum, which proactively responds to clients who need help understanding the tool. 

Cons 

✕ Some users reported that the cost was higher for certain use cases. 

✕ Users also experienced inconsistencies in OCR, where sometimes there were problems with accuracy and speed. 

Rossum compared with Nanonets 

Rossum provides a mobile solution, while Nanonets doesn’t. Rossum also has a better roadmap for feature updates. 

3. Hubdoc

A dashboard of Hubdoc that shows automated document fetching

Hubdoc is a document management platform that provides OCR-based data capture solutions. Users can import bank statements, and financial documents and extract key data. It allows users to scan and upload documents or email them and sync their scanned documents with accounting. 

Best for

Accounting & book-keeping firms & small businesses.

Pricing 

Hubdoc’s pricing pricing starts from $12/month. It has a free trial available too. 

Key features 

Document capture on the app: Users can capture, scan, and upload documents from the app to get their editable copies. 

Auto-filling and sorting: It automatically sorts and organizes all your documents into searchable and customizable folders.

Integration with accounting platforms: Hubdoc easily integrates with your other accounting platforms like QuickBooks and Xero. 

Pros 

✓ It provides sufficient storage for old invoices and auto-extracts bills and statements with specifications. 

✓ Its integration with existing accounting software streamlines all the expense management under a single window. 

Cons 

✕ The tool significantly relies on integrations with accounting software, so any changes in those tools can hamper the performance of Hubdoc.

✕ There may be better options for enterprises or businesses looking for a comprehensive OCR solution, as Hubdoc is designed to process only basic documents. 

Hubdoc compared with Nanonets 

Hubdoc is a cost-effective alternative with a niche offering that is better than Nanonets. It is a good alternative for users who just want to use OCR technology for their accounting operations. 

4. Amazon Textract

Amazon Textract’s dashboard for sample document analysis

Amazon Textract is an OCR tool by AWS that automatically extracts texts and data from scanned documents and images. Amazon Textract fetches information from different types of formats like fields and tables. It enables businesses to extract data and insights accurately from any document or text (handwritten or printed). 

Best for 

Small to midsize businesses dealing with a large volume of digital documents. 

Pricing 

Amazon Textract offers a custom pricing plan for all its customers. It also offers a free version plan that allows users to process limited pages. 

Key features 

Machine learning OCR: Textract’s OCR can recognize texts in different fonts and styles. It can also extract data from noisy or distorted text. 

Signature detection: Textract can detect signatures on checks, loans, and application forms. The location and confidence scores are included in the API response. 

Query-based extraction: You can extract specific information in the form of natural language questions and receive the exact information as a part of the API response. 

Pros

✓ Amazon Textract’s primary benefit is gathering data from tables and formats, which significantly helps convert physical documents into digital documents. 

✓ The tool is ready to use without any requirement for custom training. 

Cons

✕ The API documentation can be difficult to understand for some users 

✕ The users experienced gaps in accuracy with AI. It is not entirely accurate while processing handwritten documents. 

Amazon Textract compared with Nanonets

Amazon Textract provides an accurate OCR solution suitable for businesses with limited requirements. Nanonets provides comprehensive use cases suitable for enterprises. 

5. Docsumo

Docsumo dashboard for uploading new documents

Docusumo is a document-processing AI software that helps businesses with extracted data processes for documents, tables, layouts, and templates. Docusumo’s intelligent 

OCR technology extracts unstructured data, invoices, and tax returns and analyzes and processes them.

Docusumo automates business processes and workflows and eliminates manual data entry, which improves decision-making and business operations. 

Best for 

Insurers, managed services, and financial enterprises.

Pricing 

Docsumo offers a free version for 14 days, and its pricing plan starts from $500/month. It offers custom plans for enterprises. 

Key features 

Human in the loop: Users can add a layer of human review to avoid incorrect data entry. 

Document classification: Docsumo automatically categorizes your documents into different folders for quick data retrieval. 

Smart table extraction: Docusumo’s AI model can adapt and reorder rows, edit data fields, and highlight tables with its “AI Table Assist” feature. 

Pros

✓ Customer onboarding is thorough and flexible, and users get proactive support for their business. 

✓ The user interface is friendly, easy to navigate, and scalable, making it a wise choice for every type of company that wants to grow. 

Cons

✕ For some users, the cost of Docsumo can seem intensive, especially for small businesses and startups. 

✕ Some users experienced formatting issues and conversion errors on their interface while accessing the final documents. 

Docsumo compared with Nanonets

Docsumo provides pre-trained APIs and custom models for new document types, auto-assigns reviewers, and auto-applies learnings for new documents, which is absent in Nanonets. 

6. Docparser

A dashboard of Docparser that shows listings of all the documents processed

Docparser is another document parser and automation tool that extracts data from PDFs, docs, JPG, and PNG files. It processes documents using zonal OCR technology, advanced pattern recognition, and anchor keywords. Users can upload documents, define rule-based workflows, or export data to Excel sheets. 

Best for 

Small financial institutions, logistics, IT developers, sales & marketing professionals, and business owners. 

Pricing 

Docparser offers a starter plan for $32/month, a professional plan for $61/month, a business plan for $161/month, and a customized pricing plan. 

Key features 

  • No-code extraction of data: Convert scanned copies to any format without any technical skills. 
  • Image files pre-processing: Docparser can preprocess your images to clean up your document and make it easier for the tool to read. 
  • Custom parsing rules: Users can set up rules and instructions that tell the parsing engine what type of data they want to extract. 

Pros

✓ The custom parsing rules for different documents result in a more accurate data extraction process with fewer inaccuracies. 

✓ The overall solution is scalable and can handle any amount of documents with minimum downtime. 

Cons

✕ Docparser doesn’t offer automatic field recognition, which can lead to increased manual effort for some users. 

✕ The custom parsing rule can be time-consuming, especially when you have different variations for similar types of documents. 

Docparser compared with Nanonets

Docparser has limited features and use cases compared to Nanonets, but it also targets a different market segment. Most of Docparser’s customers are small businesses, whereas Nanonets has more mid-market clients and enterprises. 

7. ABBYY FineReader PDF

A dashboard of Abbyy Finereader that shows options to add new documents, scan, and other options.

ABBYY FineReader PDF is a tool that converts unstructured PDF files and scans them into editable formats using OCR technology. The brand currently has more than 10,000 customers who are using FineReaders’ technology to extract data from PDF invoices, purchase orders, receipt scanning, and statements. It also offers integrations with accounting tools to accumulate accounting data and process expense-related documents. 

Best for 

Small & medium-market businesses, enterprises, and educational institutions. 

Pricing 

ABBYY FineReader PDF provides plans for individuals and businesses. The FineReader PDF Standard for Windows plan starts at $99/year, the corporate plan for Windows is $165/year, and the Mac plan is $69/year. You can get custom pricing for enterprises. 

Key features 

  • Edit & organize PDFs: You can digitize, retrieve, edit, and share documents in the same workflow. 
  • Compare documents in different formats: Compare two versions of a document to see if edits were implemented or verify if the document has remained unchanged. 
  • Language support: It supports OCR technology for multiple languages. 
  • Protect & Sign PDFs: You can annotate your scans, add a signature or a text blog, write with a pen, or conceal sensitive information with the redaction tool. 

Pros

✓ ABBYY Finereader allows users to compare two documents in different formats side-by-side. 

✓ It has an expansive set of features for iOS, Mac, and Windows, making it easy for users with different systems. 

Cons

✕ Some users felt the learning curve was complex and the setup required time. 

✕ Some users felt that the OCR technology wasn’t always accurate for all languages. 

ABBYY FineReader compared with Nanonets

ABBYY provides Mac and Windows deployment, whereas Nanonets offers a cloud-based deployment. The latter has more use cases than ABBYY, but ABBYY provides better value for money than Nanonets. 

8. DextPrepare 

A dashboard of Dext Prepare to check the status of processed documents

DextPrepare is a tool prepared for accountants and chartered accountants to help them save time while gathering and collecting important information. It brings all paperwork in a digital format, like receipts, invoices, bank statements, etc. You can upload all the physical copies to DextPrepare, and it will extract the data you need and share it with your accounting software. 

Best for 

Accounting & bookkeeping firms & small business owners 

Pricing 

DextPrepare has different pricing plans for accountants and business owners. Its basic plan for accounting professionals starts from $199/month and the advanced plan starts from $214.99/month. For business owners, DextPrepare offers a custom plan starting from $69/month, a basic plan for $24/month, and an advanced plan for $46.5/month.

Key features 

  • Data extraction solution: You can extract data such as date, amount, and vendor from various sources, such as mobile devices, scanners, and email. 
  • Expense reports: You can gather financial documents and receipts, analyze crucial information, and share it with the accounting software of your choice. 
  • Analytics: Gather all the data you want to see under a single report. Filter, spot trends, hindrances, and opportunities to better manage your expenses. 
  • Integrations: You can integrate DextPrepare with key accounting tools as it supports over 11 000 banks and institutions 

Pros

✓ DextPrepare makes it possible for you to track changes through name, date, and time, making it easy to maintain an audit trail. 

✓ It ensures high OCR accuracy and provides centralized storage for financial documents. 

Cons

✕ A handful of users have experienced issues with the billing structure, unauthorized cuts, and pricing. 

✕ Users also found the tool a little slow since they experienced waiting times while uploading and reading the document. 

DextPrepare compared with Nanonets

DextPrepare caters to a niche market and is more suitable for small businesses than for enterprises and institutions like banks and insurance companies. 

9. Veryfi

A dashboard of Verify that categorizes the processed documents

Veryfi is a tool for real-time solutions to extract data from invoices, receipts, and other financial documents. It allows organizations to capture data from unstructured documents and convert them into structured data. Veryfi offers mobile capture technology along with API to eliminate manual data entry, eliminate human error, and unlock business intelligence. 

Best for 

Logistics and transportation, construction, healthcare (to comply with HIPAA-compliant solutions), & SMBs. 

Pricing 

Veryfi offers a free version followed by a ‘Pay as you go’ plan for $500/month and a customized plan. 

Key features 

Document capture: Veryfi can capture documents from phones and browsers, enhance images, and automatically scan long receipts.  

WhatsApp chatbot integration: Users can send the documents they want to scan through a WhatsApp chatbot and get their digitized copies in minutes. 

OCR-API: Verify offers numerous APIs for fraud detection, card integration, and product matching. To use them, you just need to send the documents to Verify with a few lines of code. 

Pros

✓ Veryfi allows users to set budgets, invite accountants to view receipts, and even integrate with their accounting software like Xero and Quickbooks. 

✓ It is easy to use with its uncomplicated features and quick processing of documents. 

Cons

✕ Some users experienced delays in support and could not get a response from the team as soon as possible, especially during downtime. 

✕ It has limited customizations to meet different business requirements. 

Veryfi compared with Nanonets

Veryfi offers global currency detection, international taxes, and fraud detection API, which is not available on Nanonets. 

10. Tiplati

A dashboard of Tiplati that shows payment management for multiple vendors

Tiplati is a fintech tool that automates mass payments, accounts payable, procurement, and expenses. It facilitates fast global payments to 190 countries and 120 currencies via Wire, PayPal, pre-paid debit card, etc. Tiplati provides multi-entity support, global tax compliance, OCR invoice scanning, and employee expenses. 

Best for 

Software & technology, advertising & marketing, business services, healthcare, multi-entity & global business companies dealing with an international clientele. 

Pricing 

The starter plan is $129/month, and its enterprise plans have custom pricing. 

Key features 

  • Invoice management: Automated invoice processing with OCR technology. 
  • Currency management: Users can simplify FX (Foreign Exchange) payouts with competitive exchange rates.
  • PO management: You can gather purchase requests and vendor approvals with budget visibility under a single platform to make informed decisions. 
  • ERP integration: Tiplati provides integrations with accounting tools so that you can sync your expense data.  

Pros

✓ Tiplati allows you to scan, and match invoice data at header and line level. The built-in approvals and payment scheduling streamline and automate your account payments workflow. 

✓ The product is easy to use and has seamless integrations. It offers a centralized interface and searchable vendor portal to facilitate payment management. 

Cons

✕ Some users felt the onboarding process could be improved as it was time-consuming and complex. 

✕ The OCR feature is not yet accurate and is still undergoing improvement and learning. 

Triplati compared with Nanonets

Nanonets offers cloud-based deployment, whereas Tiplati offers cloud-based, desktop, and mobile deployment. Tiplati also provides in-person training, which is absent in Nanonets. 

Choose HyperVerge for all your intelligent document processing needs 

Document processing is soon becoming an essential function in many industries. While Nanonets offer some cutting-edge features, they might fall back on certain aspects, as discussed above.

If you’re looking for an alternative to Nanonets, check out HyperVerge. It offers various features, including highly accurate OCR technology, verification checks, and more, 

HyperVerge has worked with notable brands in the finance framework, done KYC checks, and onboarded more than 750 million users! Leverage our no-code workflow builder, get valuable business insights, and go live with HyperVerge in 4 hours. Book a demo to learn more. 

Frequently asked questions about Nanonets alternatives

Who are the primary competitors of Nanonets?

HyperVerge, Rossum, Amazon Textract, Docparser, Docsumo, Hubdoc, and Verify are some of the top competitors of Nanonets. 

Are there any free Nanonets alternatives?

 Yes, you can find multiple solutions catering to individuals and small businesses with pocket-friendly pricing and free plans. 

What solutions does HyperVerge offer?

HyperVerge provides data extraction, identity verification, and KYC services using AI-powered workflow automation and highly accurate OCR technology. 

Preeti Kulkarni

Preeti Kulkarni

Content Marketer

LinedIn
Preeti is a tech enthusiast who enjoys demystifying complex tech concepts. Infusing her enthusiasm into marketing, she crafts compelling product narratives for HyperVerge's diverse audience.

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