The Bank Behavior Experts Accelerate Rapid Growth with AI-Driven Data Analytics
OXFORD, OH (March 15, 2022) – RIBBIT Inc., an AI-powered financial data and technology company providing instant bank behavior analytics, announced its Series A funding round led by ABS Capital, with participation from additional financial service industry experts. The funding accelerates RIBBIT’s hiring plan to support growth and innovate with behavioral analytics that powers the $9B financial services market.
ABS Capital has a long history of supporting promising software and services providers that are innovating in the financial services industry. “RIBBIT has a clear vision for the value of bank data at a time when the financial services marketplace is looking for more effective tools to acquire and manage customers,” said ABS Capital Chairman and Partner Phil Clough. “We are excited to be partnering with a company that has the ability to clearly define and execute a high-growth market strategy paired with the talent to quickly pivot and successfully adjust to rapidly changing customer needs.”
According to the U.S. Office of the Comptroller and Currency, nearly 50 million Americans lack a credit score and cannot access lending or financial products. The global pandemic exacerbated the need for alternative data sources as income and spending behaviors changed overnight. RIBBIT was formed in Nov 2020 to address the need for data sources that more effectively assess affordability, risk, and fraud behavior. Today, RIBBIT’s patent-pending analytics enable consumers and small businesses to put their own financial history to work and improve access to quality financial services.
“Unique circumstances have created an opportunity for RIBBIT to make an impact,” said Shawn Princell, CEO of RIBBIT. “We find ourselves at the intersection of unexplored economic shifts, dramatic changes in financial health, and exciting new opportunities in open banking. RIBBIT holds the ideal combination of exceptional talent and data intelligence to actively support organizations with smarter decisioning tools.”
Bank data has recently transitioned from an alternative to a primary data source with 94.6% of U.S. households having a bank account. The partnership with ABS Capital allows RIBBIT to continue supporting many of the top consumer finance, BNPL, payment providers, mobile apps, and financial institutions with innovative bank behavior analytics. It also accelerates RIBBIT’s product launch of BankQUALIFY, an instant API-based assessment of bank account stability to qualify new applicants.
RIBBIT leverages the recency and accuracy of bank behavior to empower financial service providers to make smarter decisions, promote financial inclusion, and reduce fraud. Consumers and small businesses can now use their own bank and payment data to improve access to quality financial services. With AI-powered bank INSIGHTS, RIBBIT delivers instant actionable intelligence that drives customer acquisition with less friction and more accuracy than traditional tools. Learn more about the Bank Behavior Experts at www.RIBBIT.ai.
ABS Capital provides growth equity capital to B2B software and tech-enabled services businesses with strong technology and data underpinnings looking to scale with the right partners. Building businesses has been our passion for more than 30 years. Over that time, we have invested more than $2.5 billion in approximately 130 companies across eight funds. We bring our investing, operational, infrastructure, technology, and business development skills to amplify the success of growing businesses with data-driven business strategies, market research and analytics, and rolling up our sleeves to support talented management teams. ABS Capital: building emerging growth businesses into industry leaders. For more information, visit www.abscapital.com.