DES MOINES, Iowa–Curql Collective,a CUSO that makes venture capital investments in various companies on behalf of credit unions, and CUNA Mutual Group through its CMFG Ventures arm, were part of a $50 million funding round in Los Angeles-based Zest AI.
According to Curql, the additional investment by Curql Fund I will allow Zest AI to rapidly expand access to AI-automated credit underwriting for credit union lenders.
“Through its AI capabilities, Zest AI's underwriting solution offers greater accuracy and lending insights to credit unions. The technology promises to help credit unions issue more loans while helping them mitigate risk and lend more inclusively,” Curql Collective said.
‘Greater Competitive Edge’
It added the capability will help credit unions gain a greater competitive edge in the lending financial services landscape.
“Our goal is to help credit unions lend with confidence,” said Zest AI CEO Mike de Vere. “With more than 250 underwriting models, our tools also expand access to more affordable credit across credit tiers, making credit more available to those who need it. In fact, our technology enables credit unions to extend 25% more credit with no additional risk.”
‘Perfect Match’
Added Nick Evens, CEO and president of Curql Collective, "Zest AI's powerful solution perfectly illustrates how technology and people are a perfect match. This solution helps credit unions live out the people helping people philosophy and help more people reach their financial goals. By using artificial intelligence to render more consistent and equitable lending decisions, removing bias, and streamlining the decision-making process, Zest AI is transforming loan decisioning for credit unions. We also appreciate the confidence being shown in the CUSO with this infusion of capital by Insight Partners, CMFG Ventures and several credit unions.”
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