Rich Data Co to Accelerate Expansion of AI Decisioning Platform

Australian company Rich Data Co (RDC) has secured an additional AU$9 million (about $5.9 million) in funding to accelerate the expansion of its artificial intelligence (AI) decisioning platform for business and commercial lenders in North America.

This new funding from Acorn Capital follows the initial close of AU$28 million in November 2023, bringing RDC’s total Series B funding to AU$37 million, the company said in a press release emailed to PYMNTS.

“This capital injection ensures we have the runway needed to significantly grow our North American operations,” Ada Guan, CEO and co-founder of RDC, said in the release. “Our recent partnership with nCino and M&T Bank highlights our commitment to expanding our footprint and delivering a cutting-edge AI decisioning platform that enhances risk management, lending strategies and regulatory compliance for financial institutions.”

RDC’s AI-powered platform helps banks make lending decisions efficiently and safely, deliver more meaningful customer interactions, improve credit outcomes and increase lending, according to the release.

The firm has been expanding its team and operations in North America over the past two years and it signed its first U.S. customer, M&T Bank, in May, per the release.

Acorn has demonstrated a strong product-market fit, a sustainable competitive advantage and a highly scalable model, Andrew Burt, investment director at Acorn Capital, said in the release.

“We look forward to working with Ada and the RDC team to support their continued success in commercializing RDC’s proprietary technology in Australia and internationally, with a particular focus on rapid expansion in the U.S. market,” Burt said.

When RDC announced that it signed M&T Bank, it said the bank — which is the sixth largest commercial bank in North America — will use the AI platform to gain more comprehensive insights into cash flow health, credit risk and lending opportunities.

RDC also said its collaboration with nCino, which is a cloud banking firm and RDC’s reseller partner, facilitated the deal, as that company’s Continuous Credit Monitoring solution leverages the RDC platform.

NCino announced its value-added reseller agreement with RDC in February 2023, saying the AI decisioning platform would enhance the lending process for its customers and create value and efficiencies.

For all PYMNTS AI coverage, subscribe to the daily AI Newsletter.