Westpac and nCino have taken the lead in a $28 million funding round for Rich Data Co, an Australian artificial intelligence platform focused on decision-making for business lending within banks.
The funding round saw participation from BMYG, an Australian funds management firm, along with new backing from Singapore-based Octava Fund.
Established in 2016, Rich Data Co (RDC) leverages explainable AI to provide banks with enhanced insights into borrower behavior, facilitating more precise and efficient lending decisions. Westpac is a notable client of the platform.
According to Anthony Potts, Westpac’s head of strategic investments, “Our investment in RDC aligns with our strategy to forge meaningful partnerships, investments, and acquisitions. As AI technology rapidly evolves, this strategic investment not only strengthens our business lending capabilities but also keeps us aligned with global advancements as RDC expands internationally.”
In the past year and a half, RDC has been broadening its reach into North America and, in late 2022, secured a global resale agreement with nCino.
Ada Guan, CEO and co-founder of RDC, noted, “This investment bolsters our relationship with Westpac and deepens our collaboration with nCino. The ability to secure such a significant investment amidst challenging fundraising conditions highlights the potential our AI Decisioning Platform has to transform the industry, a sentiment clearly recognized by our investors.”