ZestFinance was founded in 2009 by Douglas Merrill, former CIO of Google, along with a team of data scientists from Google and lending experts from Capital One. Together they set about revolutionizing credit underwriting for underbanked Americans.
As it stands today, good people are being denied credit because old world processes do not take advantage of today’s data rich environment. ZestFinance applies machine learning and large-scale data analysis to evaluate thousands of potential credit variables.
Using this more sophisticated approach, ZestFinance can better assess default risk and the viability of a long-term customer relationship allowing the company to offer loans at a fraction of the rates of its competitors. The company also makes its technology platform available to other organizations, enabling them to use data to make smarter underwriting and business decisions.