Australian firm Rich Data Co (RDC) has secured a further AU$9 million (about $5.9 million) in funding to speed up the growth of its synthetic intelligence (AI) decisioning platform for enterprise and industrial lenders in North America.
This new funding from Acorn Capital follows the initial close of AU$28 million in November 2023, bringing RDC’s complete Collection B funding to AU$37 million, the corporate stated in a press launch emailed to PYMNTS.
“This capital injection ensures we now have the runway wanted to considerably develop our North American operations,” Ada Guan, CEO and co-founder of RDC, stated within the launch. “Our latest partnership with nCino and M&T Bank highlights our dedication to increasing our footprint and delivering a cutting-edge AI decisioning platform that enhances threat administration, lending methods and regulatory compliance for monetary establishments.”
RDC’s AI-powered platform helps banks make lending selections effectively and safely, ship extra significant buyer interactions, enhance credit score outcomes and enhance lending, in accordance to the discharge.
The agency has been increasing its workforce and operations in North America over the previous two years and it signed its first U.S. buyer, M&T Financial institution, in Might, per the discharge.
Acorn has demonstrated a robust product-market match, a sustainable aggressive benefit and a extremely scalable mannequin, Andrew Burt, funding director at Acorn Capital, stated within the launch.
“We glance ahead to working with Ada and the RDC workforce to help their continued success in commercializing RDC’s proprietary expertise in Australia and internationally, with a specific deal with speedy growth within the U.S. market,” Burt stated.
When RDC introduced that it signed M&T Financial institution, it stated the financial institution — which is the sixth largest industrial financial institution in North America — will use the AI platform to achieve extra complete insights into money move well being, credit score threat and lending alternatives.
RDC additionally stated its collaboration with nCino, which is a cloud banking agency and RDC’s reseller associate, facilitated the deal, as that firm’s Steady Credit score Monitoring resolution leverages the RDC platform.
NCino introduced its value-added reseller settlement with RDC in February 2023, saying the AI decisioning platform would improve the lending process for its prospects and create worth and efficiencies.
For all PYMNTS AI protection, subscribe to the every day AI Newsletter.
