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ZestMoney acquires PhotographAI to deepen access to credit for Indian consumers
ZestMoney is expected to have one of the most advanced automated credit assessment capabilities in the market.
ZestMoney, India's digital consumer lending platform has acquired PhotographAI, an AI-as-a-service platform offering various computer vision APIs. The strategic move will further strengthen ZestMoney's capabilities in AI, visual AI, and OCR.
As a result of this acquisition, ZestMoney is expected to have one of the most advanced automated credit assessment capabilities in the market. This is also a further step to delivering the most hassle-free automated and paperless credit products to more than 300 million households who currently do not have access to credit cards or any other formal financing options because of insufficient credit history.
Lizzie Chapman, Co-Founder, and CEO said "ZestMoney strives to become the preferred lifestyle affordability solution for Indian consumers. Excitingly, we are seeing increasingly high levels of demand from consumers in Tier 1 and beyond - customers traditionally under-served by banks and credit cards. Having a completely digital application process and underwriting process is now critical to serving these customers"
Talking about the technology, Ashish Anantharaman, Co-Founder and CTO, ZestMoney said, "The PhotographAI team has developed superior API based AI solutions that we have been testing for some time in authentication, on-boarding, and underwriting. This acquisition will help us strengthen our capabilities in these areas and build additional in-house solutions for OCR and facial recognition. We are excited to be building one of the most advanced AI lending teams in this market"
Bengaluru based PhotographAI was founded in 2017 by IIT Delhi alumnus, Mikhil Raj and Karan Varshney. The team already has been building building AI driven products since 2013 together. In a short period of time, they built a platform that delivered image, video, and text analytics technologies such as image classification, OCR, document enhancement, text analytics and video analytics supporting e-commerce and Fintech companies to automate their process and minimize the costs. The company had raised funding from Venture Capital firms Orios Venture Partners and IndiaQuotient.
ZestMoney was set up as a digital lending platform with the aim to offer a better lifestyle and to fulfill the aspirations of a growing number of Indians who have been ignored by traditional financial services companies. ZestMoney has built a completely digital automated back-end with an AI-based machine learning decision engine, offering configurable digital products, instant approval, and a seamless user experience.