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California-based FinTech ZestFinance is now Zest AI

Zest AI

Mike de Vere, COO of Zest AI

ZestFinance, a provider of artificial intelligence (AI) software for credit, announced its rebranding to Zest AI on Monday.

The new brand will see its transition into a premium enterprise software company with better capabilities leveraging automation and machine learning (ML) technologies, according to a statement.

With its transparent ML technologies, the company claims to have made the problems of black-box algorithms obsolete, paving the way for deeper expansion into financial services and, to new industries beyond finance.

“Our new identity makes it clear that we’re an AI software company dedicated to helping regulated businesses make better and faster decisions they can trust and explain. We originally picked the Zest name to bring something different to financial services, and the new brand embodies our bigger plans to come,” Mike de Vere, COO of Zest AI commented.

In two years of its launch of the Zest Automated Machine Learning (ZAML) solution, the company claims to have achieved an annual triple-digit percentage growth.

Zest AI’s clients achieve a 15 percent increase in approval rates or a 30 percent reduction in losses keeping approval rates constant. With its solutions, lenders can easily approve borrowers with limited credit history by up to 5 times. They can also shrink the gap in approval rates between white and minority borrowers by 30 percent.

Zest AI makes machine learning safe to use in credit underwriting. ZAML makes decision-making easier for lenders thereby increasing revenue, reducing risk, and automating compliance. Zest AI was founded in 2009 with an aim to make fair and transparent credit available to everyone. The company is headquartered in Los Angeles, California.

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