Credit: 3D Animation Production Company from Pixabay.

US-based fintech software company Zest AI has raised $18m in an investment round led by led by VyStar Credit Union and First National Bank of Omaha.

The company’s existing backer Northgate Capital also participated in the fundraising.

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Founded in 2009, Zest AI develops software solutions that can used by underwriters to assess lending risks.

According to the company, Zest-built models help in increasing approval rates by up to 20% without compromising on associated risks.

Zest AI will use the new proceeds to fuel the adoption of its Model Management System for creating and deploying AI-based credit underwriting models.

The Los Angeles-based fintech will also use the investment to enhance its algorithms.

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As part of the investment, VyStar chief lending officer Jenny Vipperman will join Zest AI board of directors.

Zest AI CEO Mike de Vere said: “Jenny shares our mission to make fair credit available to everyone, and rarely do you meet someone who cares as much as Jenny does about helping others. Jenny also brings deep insight into the specific needs of credit unions — the fastest-growing portion of our customer base.”

Vipperman added: “As financial industry leaders our job is to invent new and better ways to serve our members.

“To me that means fairer, faster, and more accurate credit decisions. This investment will help ensure that more credit unions can make the same leap forward.”