While attending Hampton University, Angel Rich and Courtney Keen met. The two have been business partners since then. CreditRich, an artificial intelligence financial app, was founded by them.
“CreditRich helps you improve your credit score by smartly paying your payments with your spare cash,” it says on its website.
The company’s founders told Forbes that it utilizes a proprietary algorithm to “assist consumers to s improve their long-term financial circumstances by leveraging their credit and developing ‘credit intelligence’ to help users forecast the impact of their credit behavior.”
According to Forbes, Rich debuted the app in April 2021 in collaboration with credit reporting agency Experian, making her the first African-American woman to obtain an institutional agreement with one of the three main credit agencies.
Rich told Forbes that she graduated from college with thousands of dollars in debt and understands the hardships that others face. She went on to say that she was motivated by a desire to assist young people with financial literacy. “We believe that anybody having a cent in their pocket should have the financial literacy to go along with it,” she explained.
CreditRich has achieved unicorn status as a result of its recent cooperation with Qolo, a Fintech omnichannel payments platform. CreditRich’s market capitalization now stands at $1.5 billion.
The collaboration is projected to treble the number of qualified financial product consumers as well as their spending power. According to Black News, CreditRich members may easily manage their banking, credit reporting, and payments through Qolo’s full-service payments processing platform. Users can set up automatic payments for online billing after financing their CreditRich account, boosting their payment history and creditworthiness, according to Black News.
According to Black news, “With the uncertainties that the globe faces, customers are watching their credit today maybe more than ever,” said Rich. “CreditRich is dedicated to giving creative and affordable tools that help them both grow and protect their credit.”
“That’s why we’re so happy to work with Qolo’s excellent team, which streamlines the payments approach, keeping everything streamlined and allows us to keep growing.” We’ve made amazing progress in the last year, and CreditRich estimates that the totality of our efforts now exceeds $1.5 billion.”
Rich feels that the recent agreement with Qolo will aid in the reduction of income disparities. On the Android operating system, the CreditRich app is currently in beta.
“Having a good credit score allows you to get more cheap credit, allowing you to pay for big-ticket goods like college, a new car, or a house without paying exorbitant interest rates.” CreditRich “assists you in improving your credit score by prioritizing your debt, paying it off wisely, and anticipating how different actions will affect your score,” according to the app’s website.