Burbank fintech firm has partnered with Via Varejo, a Brazilian consumer electronics retailer, to provide software for credit underwriting for point-of-sale microfinancing.
The partnership also extends to Banqi, a digital banking subsidiary of Via Varejo aimed at 50m Brazilian consumers lacking a traditional financial institution. Currently, more than 5m shoppers use Via Varejo’s microfinance program that allows customers to make monthly payments on purchases. Via Varejo subsidiaries Casas Bahia and Pontofrio will use ZestFinance software to deliver precise credit decision immediately, safely expanding its revenue and reducing the risk of bad loans. “We’ve proven that machine learning works in all types of credit and in every geography,” ZestFinance CEO, Douglas Merrill, said in a statement. “We’re looking forward to helping Via help millions of its customers.”