Rich Data Co (RDC), a Sydney, Australia-based provider of AI decisioning platform assisting banks in making lending decisions, raised $17.5 million in its Series B funding round.
SaaS Investors
The investment was led by Westpac and nCino, with participation from BMYG and Octava Fund.
Westpac is Australia’s bank and company that provides a broad range of banking and financial services in these markets, including consumer, business, and institutional banking and wealth management services. The company also has offices in key financial centers around the world including London, New York, Hong Kong, and Singapore.
nCino is a financial technology company that provides cloud-based banking software that helps financial institutions gain efficiency from digitizing and streamlining processes in commercial banking, small business banking, and retail banking. The company is headquartered in Wilmington, North Carolina.
Rich Data Co Use of Funds
The company will use the funds to accelerate its expansion into North America.
About Rich Data Co
Founded in 2016, Rich Data Co uses explainable AI to provide banks with deeper insights into borrower behavior, enabling more accurate and efficient lending decisions. The company's AI decisioning platform provides lenders with deeper insight into borrower behavior, enabling faster and more accurate decisions that empower confident lending to business and SME lending segments. This next-generation platform enables lenders to more accurately access credit risk and predict future business performance to enable access to sustainable credit.
Funding Details
Company: Rich Data Corporation Solutions Pte Ltd.
Raised: $17.5M
Round: Series B
Funding Month: November 2023
Lead Investors: Westpac and nCino
Additional Investors: BMYG and Octava Fund
Company Website: https://www.richdataco.com/
Software Category: Credit Decisions Software
Source: https://www.prnewswire.com/news-releases/leading-ai-decisioning-platform-rich-data-co-successfully-raises-17-5-million-in-series-b-round-to-accelerate-north-america-expansion-302001326.html