Leading AI decisioning platform Rich Data Co successfully raises $28 million in Series B round to accelerate North America expansion

Thursday 30 November 2023, Sydney, Australia: Rich Data Co (RDC) – a leading AI decisioning platform that helps banks make high-quality lending decisions efficiently and safely – has successfully raised $28 million (US$17.5m) in its Series B round.

The funding round was led by Westpac (ASX: WBC) and global leader in cloud banking nCino (NASDAQ: NCNO), and supported by a reinvestment from Australian funds management firm BMYG and new Singapore-based investor Octava Fund. The funds raised will be used to help accelerate RDC’s expansion into North America and grow its industry-leading position as an AI decision-making platform in the global banking sector.

Founded in 2016, RDC uses explainable AI to provide banks with deeper insight into borrower behaviour, enabling more accurate and efficient lending decisions to businesses. To date, RDC has helped major banks in Australia and New Zealand, notably Westpac’s Australian business lending operations, to leverage AI in accelerating lending coverage of its existing customers.

Over the past 18 months, RDC has been expanding into North America, and in late 2022, established a global resale agreement with nCino, which enables nCino’s business and commercial lending customers to enhance the lending process with AI decisioning and greater intelligence.

Ada Guan, CEO and co-founder of RDC, says: “With this investment we are strengthening our relationship with Westpac and deepening our partnership with nCino. Securing such a significant amount of investment within challenging fundraising conditions speaks to the opportunity that Rich Data Co’s AI Decisioning Platform offers the industry, which is pleasingly being recognised by our investors. Now that the B round has closed, we can get on with doing what we love to do and that is disrupt current lending approaches and grow our industry leadership in the exciting AI Decisioning space. I am incredibly proud of our people and our growing team of industry and AI experts.”

Shane Howell, Managing Director Business Lending, Westpac, says: “At Westpac, our ambition is to enable Australian businesses to achieve their goals.  We strive to support our customers with the right solutions and a seamless banking experience so they can focus on their business. Since January we have benefited from partnering with global innovator RDC, to enable faster decisions for customers by using RDC’s decisioning tool and advanced analytic techniques, meaning cash is in our customer’s hands quicker, particularly important in these economic times.”

Anthony Potts, Head of Strategic Investments, Westpac says: “Westpac’s investment in RDC reflects our strategy to pursue meaningful capability partnerships, investments and acquisitions. With the rapid evolution of AI, our strategic investment not only enhances our business lending offer but also allows us to stay close to global developments as RDC scales internationally.”

Davis Brannan, EVP of Ecosystem and Strategic Growth at nCino says: “nCino is proud of its heritage in helping financial institutions transform and outperform. Partnerships are an important part of our business strategy as they help us innovate and deliver value to customers even more quickly. We see the technology from RDC supporting  elements of our nIQ and intelligence capabilities, and we’re excited to strengthen our collaboration with this investment.”

About Rich Data Co

Rich Data Co (RDC) was founded in 2016 in Sydney Australia. RDC is driven to increase global access to inclusive, fair and sustainable credit. The RDC AI Decisioning platform provides lenders with deeper insight into borrower behaviour, 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. www.richdataco.com

Shopping Cart

Media Kit

    Data Protection

    Personal Data (“Data”) submitted for Media Kit (“Media Kit”), and/or collected in the form of first name, last name, email address and other contact details may be used for the purposes of inviting you to future events and for reaching out to you with content which may be of interest to you. For these purposes, The Digital Banker will share the Data with our associate companies (including event and content sponsors) to promote their products and services. You will also be automatically subscribed as a user on www.thedigitalbanker.com. If you would like to opt-out, email us at [email protected].

    By clicking Submit, you acknowledge that you consent/ have sufficient informed consent to the collection, use and disclosure of Data as set out above.

    The Digital Banker Summit

    Moving on from FTX: is 2023 the year of CBDCs?

    Indonesia, Jakarta

    Thailand, Bangkok

    Philippines, Manila

    Contact Us

      Data Protection

      The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

      Request Nomination Pack

        Data Protection

        The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

        Registration Form

          Data Protection

          The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

          Registration Form

            Data Protection

            The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

            Registration Form

              Data Protection

              The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

              Registration Form

                Data Protection

                The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

                Registration Form

                  Data Protection

                  The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

                  The world’s preeminent Private Banks and Wealth Managers are demonstrating a committed drive in innovation, advisory, new products and services to meet the sophisticated needs of their clients.

                  COVID-19
                  Amid economic activity revival on the back of the Covid-19 vaccine program, organisations moving from business continuity plans to stable working environments, together with the slightest improvement in unemployment numbers, forced the world to adjust to new realities. Coming to terms with the “new normal”, global investors are now on the look-out for attractive and stable investment opportunities.

                  Needs of Private Wealth customers and families worldwide have drastically changed due to the pandemic and banks have had to accelerate efforts to deploy a multi-channel service strategy and safeguard clients’ businesses and wealth against negative impacts of economic uncertainly.

                  The Global Private Banking Innovation Awards will recognise the world’s best private banks, wealth managers and asset managers that are championing innovation across advisory, service, products, customer experience and more.

                  Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. 

                  Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

                  Request Nomination Pack

                  Error: Contact form not found.