ZestFinance | Auto Finance News | Page 2 | Auto Finance News - Part 2

Zoot Adds 2 Auto Lenders to Portfolio

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 […]

Toyota Financial Services U.K. Teams Up With Alternative Credit Scoring Startup

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 yesterday. The round was led by Sunstone Capital along with White Star Capital. Aire’s funding now totals $12 million. Along with a partnership with Toyota, Aire is also working […]

Ford Credit to Use Machine Learning in Approval Process

Ford Motor Credit Co. has decided to change its approval underwriting process to incorporate machine learning to look beyond credit scores, the company said today. The change stems from a study conducted by fintech startup ZestFinance on Ford Credit customers that measured the effectiveness of machine learning to better predict risk. But Ford maintains that […]

10 Auto Finance and Mobility Companies Tackling AI

The term “artificial intelligence” may seem like a 21st century buzzword, but in fact it has existed for more than six decades. However, only now is a part of our daily lives. AI exists in simple forms, like chatbots and digital personal assistants, as well as more advanced iterations in machine learning and self-driving cars. […]

Zest is Using Math to Comply with CFPB Disparate Impact

When you think about the greatest invention of the 20th century, a few key technologies might come to mind: the personal computer, internet, antibiotics, or the electric guitar. But, for Douglas Merrill, founder and chief executive of Zest Finance, nothing compares to the Fico score. “The Fico score is the most important innovation of the […]

Captive Uses AI Tool to Refine Underwriting, Reduce Losses

ZestFinance developed and recently launched a lender tool that uses machine learning to originate loans for thin-file borrowers, and the company is already working with one of the “Big Three” captives to implement this system for its auto originations, said Douglas Merrill, founder and chief executive of the company. The platform applies algorithms to alternative […]
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