Aussie AI platform powering bank lending raises $28 million


AI decisioning platform, Rich Data Co, has banked $28 million in a Series B funding round led by Westpac and US cloud banking software firm nCino.

Rich Data Co was co-founded by ex-Westpac program manager and former Oracle director Ada Guan, her brother and her former Oracle colleague and software engineer Gordon Campbell back in 2016.

The aim was to increase global access to inclusive and fair credit, by using artificial intelligence to provide lenders with richer data. Today, Rich Data Co’s AI tech provides lenders – like Westpac – with deeper insight into borrower behaviour, which they can use to power lending decisions for business and SME customers.

Over the past 18 months, Rich Data Co has been expanding into North America via a partnership with cloud software giant nCino. The company, which last banked $15 million in 2021 for ANZ expansion in a funding round led by BMY Group, is now looking to use this funding to propel its presence overseas.

“With this investment we are strengthening our relationship with Westpac and deepening our partnership with nCino,” Guan said.

“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 and that is 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.” 

Westpac’s managing director of business lending, Shane Howell, said the bank Rich Data Co’s tech has helped get cash into customers’ hands quicker.

“We strive to support our customers with the right solutions and a seamless banking experience so they can focus on their business,” Howell said.

“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 customers hands quicker, particularly important in these economic times.”

Look back on the week that was with hand-picked articles from Australia and around the world. Sign up to the Forbes Australia newsletter here or become a member here.

More from Forbes Australia