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Two HBCU Grads Are Celebrating $1.5 Billion Valuation of Their Fintech App After Major Deal With Qolo

Two HBCU Grads Are Celebrating $1.5 Billion Valuation of Their Fintech App After Major Deal With Qolo
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Angel Rich and Courtney Keen, best friends who met while attending Hampton University, are the founders of the CreditRich app, which is now worth $1.5 billion thanks to a new payment processor agreement with Qolo. The agreement ensures that underserved communities can continue to improve their credit and build wealth.

CreditRich, a new fintech that allows users to intelligently round up their spare change to pay their bills and improve their credit scores as quickly as possible, announced today that it has signed a contract with Qolo, the omnichannel payments platform for fintech.

CreditRich’s self-reinforcing model will be strengthened as a result of this partnership, which will increase the number of qualified customers for financial products as well as their spending power. CreditRich users can manage their banking, credit reporting, and payments all in one place thanks to Qolo’s full-service payments processing platform.

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Users can set up automatic payments for online billing after funding their CreditRich account, improving their payment history and overall creditworthiness. CreditRich users can transition between financial accounts with ease, speed, and security thanks to Qolo’s unique mix of fintech solutions, maximizing their opportunities for growth and return.

CreditRich is advancing its goal of bringing financial access to the masses, with a focus on historically underserved and underrepresented communities, by delivering payments quickly.

“With the world’s uncertainty, consumers are more concerned than ever about their credit, and CreditRich is committed to providing innovative and accessible products that help them both grow and protect their credit,” said CreditRich founder Angel Rich. “That’s why we’re so excited to work with Qolo’s incredible team, which simplifies the payments model, keeping everything streamlined and allowing us to keep growing.” We’ve made incredible progress in the last year, and CreditRich estimates that the sum of our efforts now exceeds $1.5 billion.”

“Innovators like CreditRich are harnessing their power to solve systemic issues with the goal of closing the wealth gap,” said Patricia Montesi, CEO and co-founder of Qolo. “Qolo is honored to be chosen as CreditRich’s payment processor and shares their commitment to financial literacy.”

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According to Forbes, CreditRich was the first Black-owned business to partner with a credit bureau last year. This deal, which now has more than ten partners, is one of the largest ever completed by a fintech startup in the United States and globally.

CreditRich Information

CreditRich, an AI-powered fintech app launched in April 2021, allows users to use their spare change or “round ups” to pay bills and improve their credit intelligence, either individually or through B2B partners. CreditRich encourages financial health innovation by allowing users to prioritize debt payments and increase spending power over time, allowing them to grow their businesses. Bills that have an impact on the user’s credit score are prioritized by the app’s algorithm. CreditRich assists millennials and minorities in the financial market, while also providing partners with access to underserved demographics in order to improve their financial situation and increase their appetite for previously unavailable financial products. On the Android operating system, the CreditRich app is currently in beta. Serial entrepreneur Angel Rich, co-founder Courtney Keen, Naturi Naughton, and Two Lewis founded CreditRich.

Qolo’s Background

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Qolo is a Fintech omnichannel payments platform that was founded in 2018 with the goal of assisting businesses in navigating today’s complex payments and financial transactions landscape. Qolo enables businesses to manage payments effectively, allowing them to grow while cutting costs. Qolo helps companies with gig worker payouts, distribution payments, multi-currency and cross-border businesses, and modern fintech firms where speed, security, and cost of payment are important. Qolo’s founding team is made up of payment experts and entrepreneurs with over a century of combined industry experience. Learn more at https://qolo.io/

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