Friday, July 12, 2019

ZestFinance Wins Credit Underwriting Deal In Brazil

Los Angeles-based ZestFinance, a startup which develops artificial intelligence (AI) software for credit underwriting, has scored a win in Brazil, with Brazilian retailer Via Varejo. According to ZestFinance, it is in a partnership with Via Varejo to power credit underwriting for point-of-sale microfinancing for the retailer. The financial impact of the deal was not announced. The company said the deal also includes Banqi, a "challenger bank" subsidiary of Via Varejo, which provides banking services to Brazilian consumers who lack a traditional financial institution. Via Varejo's microfinance program lets its customers make monthly payments on purchases, according to the company. Zest is led by CEO Douglas Merrill.