Los Angeles based provider of credit underwriting software raised $15m in new funding led by Insight Partners.
The idea behind Zest AI is to apply better math to credit underwriting. Most financial institutions are using math developed in the 1950s, CEO Mike de Vere said in an interview with Crunchbase News. By applying better math, financial institutions can optimize for fairness. Zest’s software uses artificial intelligence and machine learning to help financial institutions determine who is a trustworthy borrower. “Through better math, you can actually start solving some pretty important problems in our society beyond just helping companies do well,” de Vere said.