LOS ANGELES– Zest AI, a provider of AI-powered software for underwriting, said it has received registered status as a CUSO and received an equity investment from the Curql Fund, the largest venture fund for the CU industry.
The company said it has also added several credit unions as clients.
"Credit unions are our fastest growing customer segment, and I'll tell you why: Credit unions want to enrich their communities by saying 'yes' to more of their members,” said Zest AI CEO Mike de Vere in a statement. “AI-driven lending helps them do that faster and with more confidence. Credit unions that use Zest software are going to have a major advantage over banks and fintechs.”
According to Zest, becoming a CUSO makes it even easier for credit unions and other CUSOs to work with company “as a trusted partner and participant in the CU community.”
Venture Capital Arm
The Curql Fund is the venture capital arm of Members Development Co. Announced in 2020, it “invests in the visions of entrepreneurs who thoughtfully and purposefully develop financial services technology that revolutionizes and innovates how people engage with their money.”
The fund is managed by Des Moines, Iowa-based Next Level Ventures, which said it is the largest investment firm managing credit union assets, according to the company. Earlier this year it announced it had reached its initial fundraising goal of $70 million.
According to Zest, it has most recently added as clients GreenState Credit Union, HawaiiUSA Federal Credit Union, Credit Union West, and IH Credit Union.
“By year-end, across its client base, Zest software will be powering underwriting for a combined 10 million members, making Zest the trusted option for the CU community,” the company said.