AI decisioning platform Rich Data Co raises $28m Series B

The news: AI decisioning platform Rich Data Co has raised $28 million in a Series B round led by Westpac and Nasdaq-listed cloud banking leader nCino.

The numbers: Founded in 2016, the Sydney-based fintech has expanded into North America over the past 18 months. In late 2022, it established a global resale agreement with nCino to enhance its lending process with AI decisioning and intelligence.

The context: To date, Rich Data Co has helped major banks in Australia and New Zealand, notably Westpac’s Australian business lending operations, to leverage AI in accelerating lending coverage of its existing customers. The Series B was supported by a reinvestment from Australian funds management firm BMYG and new Singapore-based investor Octava Fund. The company said the new funds will be used to accelerate its expansion into North America and grow its industry-leading position as an AI decisioning platform in the global banking sector.

What they said: Ada Guan, CEO and co-founder of RDC, said: “With this investment we are strengthening our relationship with Westpac and deepening our partnership with nCino. 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."