Australia-based Rich Data, a firm in the AI decisioning platform sector, recently announced a significant financial milestone.
The company, renowned for its innovative approach in aiding banks to make efficient and safe lending decisions, has successfully secured $28 million (US$17.5 million) in its Series B funding round.
This substantial investment was led by Westpac and cloud banking provider nCino, with additional support from a reinvestment by Australian funds management firm BMYG and new Singapore-based investor, Octava Fund.
According to IBS Intelligence, the newly acquired funds are earmarked for accelerating RDC’s growth into the North American market and strengthening its position as a global leader in AI decisioning for the banking sector.
Founded in 2016, RDC has revolutionised the banking industry with its use of explainable AI. The platform offers deeper insights into borrower behaviour, facilitating more accurate and efficient lending decisions for businesses. RDC’s technology has been instrumental in aiding major banks in Australia and New Zealand, particularly in enhancing Westpac’s Australian business lending operations. The company’s expertise in leveraging AI has enabled banks to accelerate lending coverage for their existing customers significantly.
RDC’s recent expansion efforts into North America have been noteworthy. In late 2022, the company established a global resale agreement with nCino. This partnership allows nCino’s business and commercial lending customers to enhance their lending processes with AI decisioning and greater intelligence, marking a significant stride in the industry.
Ada Guan, CEO and Co-Founder of RDC, expressed enthusiasm about the latest funding round. “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, which is to 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,” she said.
Shane Howell, Managing Director Business Lending at Westpac, commented on the partnership with RDC. “At Westpac, our ambition is to enable Australian businesses to achieve their goals. 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,” he said.
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