March 22, 2022
Nothing is more expensive than a missed opportunity ~ H. Jackson Brown Jr.
In today’s business climate, investors empowering innovative companies in the financial services industry is a benefit for all. 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. RIBBIT has created the game changer in financial qualifying services.
Former FactorTrust Founder/CEO, Greg Rable, Joins RIBBIT Board of Directors
OXFORD, Ohio, April 12, 2022 /PRNewswire/ — Today, RIBBIT Inc. announced the appointment of Greg Rable to the RIBBIT Board of Directors. As the former Founder/CEO of FactorTrust, since acquired by TransUnion in 2017, Greg brings over 25 years of management and strategy experience, combined with a history of building successful fintech and alternative data businesses for the consumer finance space. In his role, Mr. Rable is helping guide the RIBBIT leadership team and promote the growth of bank behavior data as a powerful and necessary predictive data solution.
Getting Real with Financial Inclusion
Financial inclusion matters not only because it promotes growth, but because it helps ensure prosperity ~ Sri Mulyani Indrawati
How arbitrary are the words ‘financial inclusion’; who’s in, who’s out and why is it so unfair? If a consumer is ‘in,’ there are financial opportunities for building a better life. If a person is ‘out,’ good luck with climbing out of a deep money pit. Today’s financial institutions think they are building a more inclusive process. However, many are still using information reflective of historical bias so if it didn’t work then, it ‘ain’t gonna work now’.
Why Interpretation of Data Matters
When a man gives you a rose, what you see may not be what he intends~ Patrick Rothfuss
Assessing information is the foundation of most of life’s important decisions. Mistakes are made when the data is unavailable, unclear, inaccurate, insufficient, immaterial, or unjust. How many people have suffered throughout history by poor decision-making? Like it or not, today’s world is data driven, hopefully an information mecca for making insightful, educated, proven and unbiased decisions. However, data is just that, information on a page, it becomes meaningful only when it is wisely analyzed and interpreted.