RIBBIT, a financial data and technology firm, has secured undisclosed funding in its Series A round led by ABS Capital.

The round was also joined by experts from the financial services industry.

RIBBIT will use the proceeds to hire more people to support its growth plans.

Formed in 2020, the fintech offers artificial intelligence-powered bank behavioural analytics for the financial services market to help assess affordability, risk, and fraud behaviour.

RIBBIT CEO Shawn Princell said: “We find ourselves at the intersection of unexplored economic shifts, dramatic changes in financial health, and exciting new opportunities in open banking. RIBBIT holds the ideal combination of exceptional talent and data intelligence to actively support organisations with smarter decisioning tools.”

RIBBIT noted that the partnership with ABS Capital will allow it to continue offering bank behaviour analytics to consumer finance firms, BNPL, payment providers, mobile apps, and financial institutions.

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RIBBIT solution can also be used by consumers and small businesses to leverage their financial history to gain access to ‘quality’ financial services

ABS Capital chairman and partner Phil Clough said: “RIBBIT has a clear vision for the value of bank data at a time when the financial services marketplace is looking for more effective tools to acquire and manage customers.

“We are excited to be partnering with a company that has the ability to clearly define and execute a high-growth market strategy paired with the talent to quickly pivot and successfully adjust to rapidly changing customer needs.”