Rich Data, an Australian-based AI decisioning platform for business and commercial lenders, has recently secured a $9m investment.
According to IBS Intelligence, the funding comes from Acorn Capital, known for its focus on emerging companies.
This investment marks a strategic move to accelerate RDC’s expansion efforts into North America, a region where the demand for sophisticated AI solutions is significantly growing. Additionally, the funds will bolster RDC’s standing as a premier provider of AI decisioning platforms within the global banking sector, further enhancing its capability to innovate and deliver top-tier AI solutions to financial institutions.
Rich Data Co specialises in offering cutting-edge AI decisioning tools that assist banks in improving their risk management, lending strategies, and compliance with regulations. This technology is pivotal for banks looking to enhance their operational efficiency and decision-making processes.
The new funding will be instrumental in expanding RDC’s operations across North America. This geographical expansion is supported by RDC’s recent partnership with nCino and its first U.S. client, M&T Bank Corporation, the sixth-largest commercial bank in North America.
In addition to the latest funding, RDC has successfully raised a total of $37m in its Series B round, which includes a notable $28m initially closed in November, led by Westpac and nCino. This financial backing underscores RDC’s continued growth and its strategic initiatives to scale operations internationally.
Ada Guan, RDC CEO and co-founder, expressed gratitude towards Acorn Capital, “Acorn Capital has a strong track record in helping companies rapidly scale, and their strategic support is invaluable to us. We were pleased to extend our Series B funding round to include their investment.”
Andrew Burt, Investment Director at Acorn Capital, also shared his insights, stating, “Acorn seeks to invest in emerging Australian companies that demonstrate a strong product-market fit, possess a sustainable competitive advantage and are highly scalable. RDC is a clear market leader in developing and commercialising AI that enables banks to drive both stronger growth in lending and efficiency in credit management. We look forward to working with Ada and the RDC team to support their continued success in commercialising RDC’s proprietary technology in Australia and internationally, with a particular focus on rapid expansion in the US market.”
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