Zest AI, the leader in automating underwriting with more accurate and inclusive lending insights powered by AI, announced today a fresh expansion round of more than $50 million. The round was co-led by Insight Partners, an existing global software investor, and CMFG Ventures, a new investor, with participation from CU Direct, Curql, Suncoast Credit Union, Golden1 Credit Union, Hawaii USA Federal Credit Union, and NorthGate Capital.
The additional money will be used by Zest AI to rapidly expand access to AI-automated credit underwriting for all lenders. Zest AI will power more accurate and consistent underwriting judgments by widening access to this technology, leveling the playing field for all borrowers and building a more inclusive economy.
After tripling its customer base in 2021, the company expects to nearly treble it in 2022. The business has created approximately 250 AI-underwriting models to far. Citibank, First National Bank of Omaha, Truist, Golden 1 Credit Union, Suncoast Credit Union, and Hawaii USA Federal Credit Union are among the most forward-thinking lending institutions that have worked with Zest AI to modernize their lending operations.
Zest’s technology employs artificial intelligence to detect, forecast, and eliminate inherent biases, resulting in more consistent and equitable loan decisions. Customers may accept more borrowers without taking on additional risk, resulting in a 25% increase in approvals and full automation.