Many thanks to their fintech app, Credit Rich’s new partnership with Qolo which will see a focus on creating continued pathways for improving credit and building wealth in underserved communities, HBCU grads Angel Rich and Courtney Keen, best friends who met while attending Hampton University have hit billionaire status.
Credit Rich, founded in 2021 alongside Naturi Naughton and Two Lewis is now valued at $1.5 billion. The app promotes financial independence by helping users “raise your score by prioritizing your debt, intelligently paying it off, and forecasting how different actions will affect your score.”
“With the uncertainty the world is facing, consumers are watching their credit now perhaps more than ever, and CreditRich is dedicated to offering innovative and accessible products that help them both grow and protect that credit,” said CreditRich founder Angel Rich. “That’s why we’re so excited to partner with the incredible team at Qolo, which simplifies the payments model, keeping everything streamlined and allowing for our company’s continued acceleration. We have made incredible progress in the past year and CreditRich believes that the sum total of that work brings our value today over $1.5 billion.”
”Fintech has reached an inflection point where 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 proud to be selected as the payment processor for CreditRich and shares their commitment to advance financial literacy.”
After funding their CreditRich account, users can set up automatic payments for online billing, improving their payment history and ultimate creditworthiness. Qolo’s distinctive mix of fintech solutions makes it easier for CreditRich users to transition between financial accounts with speed, ease, and security, maximizing their opportunities for growth and return.
Forbes reports, that last year CreditRich became the first Black-American company to partner with a credit bureau.
Founded in 2018, Qolo is the omnichannel payments platform for Fintech, with a mission to help businesses navigate today’s complex payments and financial transactions landscape. Qolo empowers businesses to manage payments efficiently with an eye toward growth and reduced expense.
This groundbreaking deal makes it one of the largest executed by a fintech startup even in the international world.
This partnership will strengthen CreditRich’s self-reinforcing model to increase the number of qualified customers for financial products as well as their spending power. Utilizing Qolo’s full-service payments processing platform, CreditRich users can seamlessly manage their banking, credit reporting, and payments under one umbrella.