Attributes 368% Revenue Growth to Innovation in AI Lending Technology

Zest AI today announced its ranking of 318 on the Deloitte Technology Fast 500™, a ranking of the 500 fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America, now in its 30th year. Zest AI grew 368% during this period.

"Our extraordinary growth signals a pivotal shift in the financial industry's understanding of how AI can help them grow and impact their communities," said Mike de Vere, Zest AI CEO. "This milestone is a testament to our team's dedication to developing AI technology that empowers financial institutions to say 'yes' to more borrowers all while maintaining consistent risk levels. As we broaden our reach, we take pride in transforming the credit decision-making process, ensuring that more Americans have access to equitable lending that can potentially transform their lives."

In addition to Zest AI's revenue growth, the company has achieved considerable milestones in AI-automated underwriting. Zest AI helped lenders assess over 39 million consumer loan applications in the last four years, resulting in $250 billion in loans granted based on Zest AI's models. In the past four years, the company has also increased its customer base by more than 50 percent yearly, from some of the country's smallest credit unions to the biggest banks, which collectively serve over 110 million people and $5.5 Trillion in assets under management. The number of people evaluated for loans using Zest AI's patented underwriting technology increased in 2023, with 22 million lending decisions made compared to 16.3 million in 2022.

Overall, 2024 Technology Fast 500 companies achieved revenue growth ranging from 201% to 153,625% over the three-year time frame, with an average growth rate of 1,981% and median growth rate of 460%.