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 app.
“CreditRich helps increase your credit score by using your spare change to intelligently pay your bills,” it says on its website.
It uses a proprietary algorithm to “help people improve their long-term financial positions by leveraging their credit and learning ‘credit intelligence’ to help users forecast the impact of their credit behavior,” the founders told Forbes.
Rich launched the app in April 2021 in partnership with credit report 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 thousand dollars in debt and understand people’s pain. She added that she was driven by the desire to help the youth with financial literacy. “We feel as though anyone who has a dime in their pocket should also have the financial literacy to go along with it,” she noted.
CreditRich has reached unicorn status following the firm’s new partnership with Qolo, the omnichannel payments platform for Fintech. This means that CreditRich’s valuation has hit $1.5 billion.
The partnership is expected to double the number of qualified customers for financial products as well as their spending power. CreditRich users can smoothly manage their banking, credit reporting, and payments under one umbrella by utilizing Qolo’s full-service payments processing platform, 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, the world is facing, consumers are watching their credit now perhaps more than ever, and CreditRich is dedicated to offering innovative and accessible products that help them both grow and protect that credit,” said Rich, according to Black news.
“That’s why we’re so excited to partner with the incredible team at Qolo, which simplifies the payments model, keeping everything streamlined and allowing for our company’s continued acceleration. We have made incredible progress in the past year and CreditRich believes that the sum total of that work brings our value today over $1.5 billion.”
Rich believes the latest partnership with Qolo will help in reducing income inequality. The CreditRich app is available in beta on the Android operating system.
“A high credit score gives you access to more affordable credit so that you can pay for big-ticket items like college, a new car, or a house without the high interest rates. CreditRich helps you raise your score by prioritizing your debt, intelligently paying it off, and forecasting how different actions will affect your score,” the app says on its website.