Fintech, CreditRich, reach an agreement with Qolo as a new payment processor to improve the existing application

This agreement now creates continued pathways to improve credit and create wealth in underserved communities.

CreditRich, a new fintech company that allows users to supplement their loose change to pay their bills smartly and improve their credit rating as quickly as possible, announced a new contract with Qolo, an omnichannel fintech payment platform, on March 16. 2022.

The AI-powered fintech app, founded by serial entrepreneur Angel Rich and co-founder Courtney Keen, Naturi Naughton and Two Lewis, has become the first black-owned business to partner with a credit bureau in 2021. With more than ten partners, this is one of the largest ever concluded by a fintech start-up in the United States and in the world.

CreditRich assists millennials and minorities in the financial market, while providing partners with access to underserved demographic groups to improve their financial situation and increase their appetite for previously unavailable financial products. Bills that impact the user’s credit score are prioritized by the app’s algorithm.

“We are thrilled to work with the incredible team at Qolo, who simplify the payment model, streamline everything and allow our business to continue to grow. We have made tremendous progress over the past year, and CreditRich estimates that the sum of our efforts now exceeds $1.5 billion,” adds Rich.

The firm, which works with public and private entities to develop policy solutions for the financial services sector, intends to help other black entrepreneurs follow in their footsteps by lowering barriers to entry. A ten-city HBCU pitch competition tour is in the works, allowing students to pitch their best ideas for overcoming financial barriers, increasing access to financial services, and working collaboratively with credit bureaus.

“As a researcher at heart, I eagerly await the results of our studies, listening sessions and pitch competition.” Rich adds, “We also look forward to continuing to work with our sister organization Black Tech Matters to organize hackathons and accelerators for fintech companies founded by underrepresented founders.”

Qolo is on a mission to help businesses navigate today’s complex payment and financial transaction landscape. The payment platform enables businesses to efficiently manage payments with the goal of increasing revenue and reducing costs. CreditRich’s self-reinforcing model will be reinforced by the partnership with Qolo, which will increase the number of qualified customers for financial products as well as their purchasing power.

CreditRich users can manage their banking, credit reporting and payments all under one roof with Qolo’s full-service payment processing platform. After funding their CreditRich account, users can set up automatic payments for online billing, improving their payment history and overall creditworthiness.

With a focus on historically underserved and underrepresented communities, the company teaches people of color about credit scoring and how to use it as a weapon in their financial portfolio. With the world in such a state of flux, consumers are watching their credit more closely than ever. CreditRich is committed to providing innovative, easy-to-use products that help them build and protect their credit.

CreditRich users can switch between financial accounts with ease, speed and security through Qolo’s unique combination of fintech solutions, maximizing their opportunities for growth and returns. The company’s goal of providing financial access to the masses is bolstered by its ability to make payments quickly.

“Your credit score can be your greatest financial asset. We want to make sure people can achieve financial independence without being limited by three-digit numbers. Our mission is to help people get rich through their credit, which is why we named our company CreditRich. A hundred points on your credit score could make or break a milestone in your life,” says Rich.

Patricia Montesi, CEO and co-founder of Qolo, believes that fintech has reached a tipping point, where innovators like CreditRich are using their power to solve systemic problems to close the wealth gap. “Qolo is honored to have been selected as CreditRich’s payment processor and shares its commitment to advancing financial literacy,” Montesi said.