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Westpac and nCino lead $28 million round in Rich Data Co

Westpac and nCino lead $28 million round in Rich Data Co

Westpac and nCino have led a $28 million funding round in Rich Data Co, an Australian AI decisioning platform for bank business lending.

The funding round was supported by a reinvestment from Australian funds management firm BMYG and new Singapore-based investor Octava Fund.

Founded in 2016, RDC uses explainable AI to provide banks with deeper insight into borrower behaviour, enabling more accurate and efficient lending decisions to businesses, with Westpac as a marquee client.

Anthony Potts, head of strategic investments, Westpac says: “Westpac’s investment in RDC reflects our strategy to pursue meaningful capability partnerships, investments and acquisitions. With the rapid evolution of AI, our strategic investment not only enhances our business lending offer but also allows us to stay close to global developments as RDC scales internationally.”

Over the past 18 months, RDC has also been expanding into North America, and in late 2022, established a global resale agreement with nCino.

Ada Guan, CEO and co-founder of RDC, says: “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."

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