After making history by partnering with a major credit bureau, fintech AI app CreditRich is now worth $1.5 billion
Angel Rich and Courtney Keen met while studying at Hampton University. Since then, the two have remained business partners. They are the founders of CreditRich, an artificial intelligence fintech application.
“CreditRich helps boost your credit score by using your spare change to pay your bills smartly,” he says on his website.
It uses a proprietary algorithm to “help people improve their long-term financial situation by leveraging their credit and learning ‘credit intelligence’ to help users predict the impact of their credit behavior. “, said the founders. Forbes.
Rich launched the app in April 2021 in partnership with credit reporting agency Experian, making her the first black American woman to secure an institutional partnership with one of the three major credit bureaus, according to Forbes.
Rich told Forbes that she graduated from college with thousands of dollars in debt and understands people’s pain. She added that she was motivated by a desire to help young people develop their financial literacy. “We believe that anyone with a penny in their pocket should also have the necessary financial knowledge,” she noted.
CreditRich has achieved unicorn status following the company’s new partnership with Qolo, the omnichannel payment platform for Fintech. This means that CreditRich’s valuation has reached $1.5 billion.
The partnership should double the number of qualified customers for financial products as well as their purchasing power. According to black news. Users, after funding their CreditRich account, can set up automatic payments for online billing, improving their payment history and creditworthiness, Black News added.
“With the uncertainty facing the world, consumers are watching their credit now perhaps more than ever, and CreditRich is committed to providing innovative and accessible products that help them both build and protect that credit. “, said Rich, according to Black news.
“That’s why we’re thrilled to partner with the incredible team at Qolo, who simplify the payment model, streamline everything, and enable the continued acceleration of our business.” We have made incredible progress over the past year and CreditRich estimates that the sum total of this work brings our value to over $1.5 billion today.
Rich believes the latest partnership with Qolo will help reduce income inequality. The CreditRich application is available in beta version on the Android operating system.
“A high credit score gives you access to more affordable credit so you can pay for big-ticket items like college, a new car, or a house without the high interest rates. CreditRich helps you boost your score by prioritizing your debt, paying it off smartly and predicting how different actions will affect your score,” the app says on its website.