Zoot, a company that provides instant credit decisioning, risk management, and loan origination solutions, has added two undisclosed auto lenders to its portfolio, the company announced today.
Currently, Zoot works with four other auto lenders in addition to fintech startups, other financial institutions, retailers, and payment providers.
Zoot utilizes cloud-based technology to process millisecond real-time underwriting decisions using 150 data sources to help reduce risk and increase conversions, according to a company press release.
Auto finance has seen a recent uptick in lenders and captives introducing more automated technology into their underwriting as demonstrated by Ford Motor Credit’s decision to incorporate machine learning to look beyond credit scores, and Aire — an alternative credit scoring startup — raised a $5 million Series A funding round and announced a partnership with the U.K. arm of Toyota Financial Services earlier this month.
Zoot also helps auto-finance providers optimise the digital journey of their customers, e.g. travel bookings, car sharing, entertainment services, etc.
“With the increasing importance of digital services, the auto lender must be ready to handle a transactional shift where a significantly higher proportion of transactions will be seen but with much lower individual value,” Adam Jackson, Zoot’s European managing director, said in the release.
For more content like this, check out the 17th annual Auto Finance Summit, which will take place on Oct. 25-27 at the Wynn Las Vegas. To learn more about this year’s event — or to register — visit the Summit’s homepage here.
