By Megan Sayles, AFRO Business Writer,
Report for America Corps Member,
CreditRich, a new Black woman-owned fintech platform that helps users increase their credit scores, recently announced a deal with Qolo, which helps businesses manage payments more efficiently with the aim of growth and reduced expense.
The partnership will double down on CreditRich’s model that seeks to boost individuals’ spending power and increase the number of customers who qualify for financial products.
] provides us with not only the marketing support but also the financial technology architecture that our app and our users will benefit from,” said Angel Rich, founder and CEO of CreditRich. “There are going to be a myriad of things that users will be able to do from their checking and savings account with our app.”
Rich and CreditRich co-founder Courtney Keen, met while attending Hampton University. The pair shared a devotion to teaching financial literacy to the Black community, which is often burdened by limited personal finance knowledge.
They wanted their community to understand how money works and how to budget and manage it.
CreditRich, which initiated its beta version in April 2021, uses artificial intelligence
) to round up users’ spare change and pay their bills intelligently. Through the app’s algorithm, bills that impact users’ credit scores are given priority.
The company’s new collaboration will allow CreditRich users to access Qolo’s full-service payment processing platform to manage their banking, credit reporting and payments in one place.
After funding their CreditRich account, they can set up automatic payments for online billing, which will improve their payment history and creditworthiness. They will also be able to transition between financial accounts with speed, ease and security.
Rich said so far Qolo has been an exemplary partner and has never treated her and her team differently because they are Black founders. As payment processing apps, including PayPal, Cash App and Venmo, continue to grow, CreditRich stands out as one of the only platforms that is Black-owned.
The CreditRich app will have an official launch in June, and after, the team will embark on a 10-city historically Black college and university
) tour to ensure students understand the importance of and need for credit intelligence.
In 2021, CreditRich became the first Black-American company to land an institutional partnership with a major credit bureau after striking a deal with credit reporting company, Experian.
Now, with the Qolo deal and the progress that CreditRich has made over the past months, the company believes that its value today is over $1.5 billion. Rich hopes that this will open the door for more Black founders to enter the Fintech space.
“We need an app that is geared toward underserved communities when it comes to payment processing, so that is what we’re doing with CreditRich, and we’re really fortunate to partner with Qolo to be able to expand that opportunity to the Black community and minorities at large,” said Rich.
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