Artificial intelligence-based loans assessment platform Rich Data Co has topped up its Series B, nine months on, with another $9 million, this time from Acorn Capital, for a total raise of $37 million.
The fintech banked $28 million last November in part 1 of its Series B, led by Westpac and Nasdaq-listed cloud banking firm nCino, supported by existing backer BMYG and a new investor, Singapore-based Octava Fund. Westpac’s Australian business lending operations have been a key customer, using the platform since January 2023 to make decisions on business lending.
RDC says the fresh funds will be deployed towards its ongoing North American expansion. In late 2022, the lending decisions platform set up a global resale agreement with nCino to assist its business and commercial lending customers
Founded in 2016, RDC uses AI to give banks deeper insights into borrower behaviour, enabling more accurate and efficient lending decisions to businesses. Westpac’s Australian business lending operations have been a key customer.
In May, RDC signed its first US customer, the NYSE-listed commercial lender M&T Bank Corporation.
While RDC CEO and cofounder Ada Guan said in November last year that she was happy the Series B had closed so “we can get on with doing what we love to do”, they were pleased to extend it to include Acorn’s investment.
“This capital injection ensures we have the runway needed to significantly grow our North American operations,” she said.
“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.”
Acorn Capital investment director said: “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”.
Daily startup news and insights, delivered to your inbox.