Rich Data Co. (RDC), an Australian AI-driven platform specializing in banking business lending, has secured its inaugural significant deal in the United States with M&T Bank Corporation.
Established in 2016, RDC leverages explainable AI to provide financial institutions with enhanced insights into borrower behavior and creditworthiness. This innovation facilitates more accurate and efficient lending decisions for businesses, with Westpac being one of its key clients.
M&T Bank, recognized as the sixth largest commercial bank in North America and ranked among the top 20 banks in the United States, will benefit from RDC’s cutting-edge technology. The partnership was made possible through RDC’s collaboration with its reseller partner, nCino, which played a pivotal role in a $28 million funding round for RDC in December, co-led by Westpac.
Ada Guan, CEO and co-founder of RDC, expressed enthusiasm about the partnership, stating, “From our humble beginnings as an Australian startup to collaborating with leading global institutions, we are thrilled to establish our footprint in the North American market with M&T. This partnership underscores the transformative potential of AI in business and commercial lending, reflecting the global trend of AI shaping the financial services landscape.”
For those interested in exploring the challenges and opportunities presented by artificial intelligence in the banking sector, Finextra will host its inaugural NextGenAI conference on November 26, 2024. To register your interest, please visit the link.