Australian AI decisioning platform for bank business lending, Rich Data Co., has signed its first major US deal with M&T Bank Corporation.
Founded in 2016, RDC uses explainable AI to provide banks with deeper insight into borrower behaviour and credit worthiness, enabling more accurate and efficient lending decisions to businesses, with Westpac as a marquee client.
M&T Bank is the sixth largest commercial bank in North America and ranked a top 20 bank in the US.
The deal is facilitated through RDC’s collaboration with its reseller partner, nCino, which joined Westpac in leading a $28 million funding round in the vendor in December.
Ada Guan, CEO and co-founder of RDC, says: “From our humble beginnings as an Australian startup to now partnering with global institutions, we’re excited to establish our presence in the North American market with M&T. This partnership demonstrates the transformative power of AI in business and commercial lending and the global trend of AI shaping the financial services sector."
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