Rich Data Co (RDC) is an Australian fintech specializing in “Explainable AI” (XAI) for the banking sector. While many AI models are “black boxes” (giving an answer without a reason), RDC builds transparent AI decisioning engines that allow banks to see exactly why a loan was approved or denied.
This transparency is critical for regulatory compliance in the financial sector. RDC focuses specifically on commercial and SME (Small-to-Medium Enterprise) lending, a notoriously difficult segment to automate because business finances are more complex than personal credit scores.
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Core Technology: The “Glass Box” Approach
Explainable AI (XAI): Their platform uses the Shapley value framework to break down every decision. It provides a “reason code” for every output, ensuring banks comply with “Fair Lending” regulations (like the Equal Credit Opportunity Act) and can explain adverse decisions to customers.
Alternative Data Fusion: The AI doesn’t just look at repayment history; it ingests alternative data (e.g., transactional data, accounting software feeds) to build a holistic view of a business’s current cash flow health rather than just its past history.
Continuous Monitoring: Unlike traditional credit scoring (which is a one-time snapshot at application), RDC’s system monitors the borrower’s health throughout the life of the loan, flagging early warning signs of default before they happen.
Company Profile
Founders: Ada Guan (CEO, former Oracle/Westpac executive), Gordon Campbell, and Charles Guan.
Headquarters: Sydney, Australia (North Sydney).
Funding: Closed a $37M AUD Series B (approx. $25M USD) in mid-2024.
Key Investors & Partners: Backed by Westpac (one of Australia’s “Big 4” banks) and nCino (a global cloud banking giant). Acorn Capital led their recent extension round.
Strategic Partnership: RDC has a deep integration with nCino; its AI powers the “nIQ” intelligence suite used by banks globally.
Key Use Cases
- Use Case: SME Lending Automation
- Description: Automates the complex “financial spreading” and risk assessment for small business loans, reducing “time-to-yes” from weeks to minutes.
- Use Case: Credit Risk Monitoring
- Description: Replaces periodic manual reviews with “always-on” monitoring. If a borrower’s cash flow dips dangerously, the bank is alerted immediately.
- Use Case: Financial Inclusion
- Description: By using alternative data (cash flow) rather than just asset-backed logic, it helps banks lend to viable businesses that might otherwise be rejected due to a lack of traditional collateral.
Why It Matters
Banks are under immense pressure to deploy AI, but they are terrified of “model drift” and bias. If an AI denies a loan to a minority business owner without a clear reason, the bank faces massive fines. Rich Data Co solves the “trust gap” by making AI decisions auditable and interpretable, effectively acting as the safety layer that allows banks to safely adopt modern AI.
