The corporate dropout using AI to help banks make better decisions
After partnering with Westpac and Bank of New Zealand, Sydney startup Rich Data Co has its sights set on the US.
After two decades in corporate roles — including stints at Woolworths, Westpac and Oracle — Ada Guan found herself searching for a more fulfilling challenge.
A period of soul-searching led her to found Rich Data Co in 2016. The Sydney-based AI decisioning platform gives banks access to more detailed data and uses machine learning to predict the financial health of their customers, supporting business lending decisions.
Rich Data Co has raised a total of USD46.3 million ($73 million), including a $37 million Series B round last year led by US cloud banking lender nCino and Westpac. The latest capital injection is aimed at supporting expansion into the US market, where NYSE-listed M&T Bank is already an early adopter of the company’s technology.
Guan spoke to Capital Brief about bringing in her former employer as an investor, her decision to ditch the development of an early Alexa rival, and working in an office with more people than chairs.
