Los Angeles, U.S.A-based provider of an automated underwriting platform powered by artificial intelligence, Zest AI raised more than USD 50 million in recent funding. The growth round took place on November 2, 2022. Existing global software investor Insight Partners and new investor CMFG Ventures co-led the financing for the firm. Meanwhile, CU Direct, Curql, and Suncoast Credit Union participated in the round. Besides, Golden1 Credit Union, Hawaii USA Federal Credit Union, and NorthGate Capital joined in the funding.

Purpose of financing for Zest AI

With the latest capital injection, the company intends to expand all lenders’ access to AI-automated credit underwriting. In addition, Zest AI seeks to fuel more accurate and consistent underwriting decisions.

It has plans to level the playing field for all borrowers as well as foster a more inclusive economy. 

What the company’s official has to say 

Mike de Vere, CEO of Zest AI, said, “We’re working to build a better future for the financial services ecosystem where underwriting is swift, equitable, and frictionless across the United States. Our work is to help our customers efficiently and confidently approve more loans — creating economic opportunities for all consumers.”

What the investors have to add

Lonne Jaffe, Managing Director at Insight Partners, said, “Zest AI’s accelerating growth is a testament to the power and value of its advanced explainable AI technology for loan underwriting. By using more features or ingredients in its prediction system, Zest’s customers can issue more loans, take less risk, and be more inclusive. Meanwhile adapting more quickly to changing macroeconomic conditions and explaining loan decisions more effectively. We look forward to doubling down on our partnership with Zest as they rapidly Scale Up.”

In addition, Mike Kraus, Principal at CMFG Ventures, said, “Our credit union partners have found Zest AI’s technology to be a great way to automate their underwriting. Zest not only allows credit unions to make better loan decisions but also expands access to more affordable credit across the credit tiers. The timing for credit unions to adopt more inclusive credit underwriting could not be better. Besides, we’re thrilled to help demonstrate Zest’s value to the industry.”

Darlene Johnson, EVP and Chief Growth Officer at Suncoast Credit Union, further added, “Zest AI is transforming the financial services landscape — in particular, for credit unions and their members. The future of underwriting is automation and the ability to deliver better financial products and superior customer service. Investing in Zest means investing in our members’ financial well-being. Our support will fuel the company’s fidelity to advance AI in lending to the benefit of all credit union members from coast to coast.”

For more extensive analysis and Market Intelligence reports, feel free to approach us.

We try our best to fact-check and bring well-researched as well as non-plagiarized content to you. Please let us know

if there are any discrepancies in any of our published stories,

-how we can improve,

-what stories you would like us to cover

–what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback, and thank you for stopping by!

Next Article

Previous articleMunich-based platform startup Flowers Software raises USD 3.2 million in seed funding
Next articleU.S.A-based Dataprise acquires Reboot Network
Jasleen Bhatia works as a content writer for VCBay News. She is pursuing her final semester in Bachelor of Business Administration from IIPS, DAVV. Driven by her keen interest in entrepreneurship and finance, she writes business-related articles.

LEAVE A REPLY

Please enter your comment!
Please enter your name here