Zest AI, a Los Angeles, CA-based provider of an automating underwriting platform powered by AI, raised over $50M in growth funding.
The round was led by Insight Partners and CMFG Ventures, with participation from CU Direct, Curql, Suncoast Credit Union, Golden1 Credit Union, Hawaii USA Federal Credit Union, and NorthGate Capital.
The company intends to use the funds to expand access to AI-automated credit underwriting for all lenders.
Led by CEO Mike de Vere, Zest AI works with financial institutions to provide AI-driven credit solutions to their borrowers. Its technology uses AI to identify, predict, and remove inherent biases and render more consistent and equitable lending decisions. The technology allows customers to approve more borrowers without taking on more risk, resulting in increases in approvals and full automation.
To date, the company has built over 250 AI-underwriting models. A number of innovative lending organizations, such as Citibank, First National Bank of Omaha, Truist, Golden 1 Credit Union, Suncoast Credit Union, and Hawaii USA Federal Credit Union, have partnered with Zest AI to modernize their lending business.
FinSMEs
03/11/2022