Insight Partners leads $200m funding to propel Zest AI’s growth

December 13, 2024

Zest AI, a leader in AI-powered lending technology, has secured a $200m growth investment from Insight Partners, a global software investor.

This investment will drive Zest AI’s next phase of expansion, enabling the company to enhance its product portfolio and strengthen its position in the FinTech space.

The funding will allow Zest AI to continue advancing its AI technology, focusing on fraud protection and generative AI to redefine the lending industry.

Insight Partners, which has supported the company through multiple investments since 2020, highlighted Zest AI’s consistent growth and customer satisfaction as key drivers for this significant funding round.

Founded in 2009, Zest AI transforms credit underwriting by leveraging advanced AI technology to improve credit scoring accuracy and accessibility. Its proprietary models analyse thousands of data variables, significantly surpassing traditional methods. The company’s innovative platform automates up to 80% of loan applications, enhancing operational efficiency and expanding access to credit for underserved communities.

Zest AI founder and CEO Mike de Vere said, “Today, financial institutions are missing out on a nearly $3 trillion opportunity by sticking with antiquated traditional scoring systems. Zest AI’s technology is strengthening the financial system by leveraging more data and AI to deliver a higher fidelity view of consumer credit risk. Our customers are able to grow their lending businesses more than 25% while helping every American get a shot at equitable credit. This ultimately strengthens our customers’ balance sheets, while helping every day Americans achieve their dreams.

“With advancements in AI, macroeconomic tailwinds, and the support of our investors, Zest AI is well capitalized and in prime position to accelerate our product roadmap and identify strategic M&A opportunities that bolster the pursuit of our mission.”