Rich Data Co secures USD $9 million for North America expansion

Rich Data Co (RDC), a provider of AI decisioning platforms for business and commercial lenders, has secured a $9 million investment from Acorn Capital, a firm specialising in emerging companies. This latest investment completes RDC's Series B funding round, bringing the total to $37 million.

The newly acquired funds are intended to facilitate RDC's expansion into North America, where demand for advanced AI solutions continues to grow. Additionally, the investment aims to bolster RDC’s standing as an AI decisioning platform provider in the global banking sector. This financial injection will support the company's ongoing efforts to innovate and provide advanced AI solutions to financial institutions.

Over the past two years, RDC has been actively expanding its team and operations in North America. In May, the company secured its first US customer, M&T Bank Corporation, the sixth-largest commercial bank in North America and one of the top 20 banks in the United States.

The new investment from Acorn Capital follows the initial close of $28 million in November, led by Westpac and global cloud banking leader nCino. This brings RDC's total Series B funding to $37 million.

Ada Guan, CEO and co-founder of RDC, commented on the investment: "Acorn Capital has a strong track-record in helping companies rapidly scale and their strategic support is invaluable to us. We were pleased to extend our Series B funding round to include their investment."

Guan highlighted the significance of the investment for the company’s North American operations: "This capital injection ensures we have the runway needed to significantly grow our North American operations. Our recent partnership with nCino and M&T Bank highlights our commitment to expanding our footprint and delivering a cutting-edge AI decisioning platform that enhances risk management, lending strategies, and regulatory compliance for financial institutions."

Andrew Burt, Investment Director at Acorn Capital, said: "Acorn seeks to invest in emerging Australian companies that demonstrate a strong product-market fit, possess a sustainable competitive advantage and are highly scalable. RDC is a clear market leader in developing and commercialising AI that enables banks to drive both stronger growth in lending and efficiency in credit management. We look forward to working with Ada and the RDC team to support their continued success in commercialising RDC’s proprietary technology in Australia and internationally, with a particular focus on rapid expansion in the US market."

The successful completion of Rich Data Co's Series B funding round, bolstered by the recent $9 million investment from Acorn Capital, underscores the growing interest and potential in AI-driven solutions for the banking sector. As RDC aims to leverage these funds for its expansion into North America, it reflects a broader trend in the financial industry towards adopting innovative technologies to enhance operational efficiency and decision-making processes.