Zest AI Revenue, Valuation, Funding & Investors

Zest AI is valued at $1.5B as of December 2024, a 39.5x multiple on its last reported $38M revenue.

Last Zest AI valuation

$1.5B

Series G · Dec 2024

Last Zest AI funding round

$200M

Series G · Dec 2024

Zest AI revenue

$38M

Series G · Dec 2024

Key investors in Zest AI

  • Insight Partners
  • Northgate Capital
  • Curql
  • Lightspeed Venture Partners
  • Matrix Partners
  • Baidu

Zest AI Overview

About Zest AI

Zest AI is a Los Angeles-headquartered provider of machine learning platforms for credit underwriting. The Zest Model Management System analyzes billions of data points to boost approval rates by up to 15% and cut losses by 25% for lenders. Deployed by over 200 financial institutions including Ally Bank and Discover, it offers explainable AI compliant with FCRA and ECOA regulations. Zest AI automates model deployment, monitoring, and auditing across loan portfolios in auto, mortgage, and personal lending.


Founded

2009

HQ

United StatesLos Angeles, CA

Website

zest.ai

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Revenue

$38M (Dec 2024)

Valuation

$1.5B (Dec 2024)

Zest AI Valuation

Zest AI is currently valued at $1.5B, based on its Series G in December 2024.

The $200M round was led by Insight Partners.

Zest AI's valuation has grown 6.0x from $251M at its Series D in July 2016 to $1.5B in December 2024, across 3 priced rounds.

Zest AI valuation by funding round

Revenue multiple
Zest AI valuation by funding round
DateStageValuationRevenue Multiple
Dec 2024Series G$1.5B39.5x
Oct 2020Series E$88M-
Jul 2016Series D$251M-

Zest AI Revenue

Zest AI's latest recorded revenue is $38M, as of its Series G in December 2024. At a $1.5B valuation, that implies a 39.5x revenue multiple.

Zest AI revenue by funding round

Zest AI revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Dec 2024$38M$1.5B39.5xSeries G

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Zest AI Funding History

Zest AI has raised a total of $319M across 6 funding rounds.

Zest AI's first fundraising round was a $20M Series C in July 2013. The most recent completed round was a $200M Series G in December 2024.

Zest AI funding rounds

Zest AI funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Dec 2024Series GInsight Partners (lead)$200M$1.5BZest AI is a leader in AI-powered credit underwriting and lending technology, founded in 2009. The platform leverages machine learning to enhance the accuracy and transparency of credit scoring for banks and credit unions, analyzing thousands of data points to improve credit assessment while maintaining regulatory compliance. The company has developed and deployed more than 500 proprietary AI consumer credit models with a portfolio exceeding 50 patents. In December 2024, Zest AI announced a $200 million Series G growth investment from Insight Partners, valuing the company at $1.5 billion. This marked Insight Partners' third and largest investment in Zest AI since their initial $15 million investment in 2020, followed by a $50 million co-led round in 2022. Since receiving Insight Partners' backing in 2020, Zest AI has achieved significant growth metrics, including doubling its customer count annually and delivering a compounding annual growth rate exceeding 50%, with total funding to date of $357.7 million. The company's customer base represents 110 million individuals and $5.5 trillion in assets under management. The investment will support product acceleration in core credit underwriting, fraud protection through Zest Protect, and generative AI capabilities including LuLu, an AI lending intelligence companion. Zest AI's customers have achieved lending growth exceeding 25% annually while enabling more equitable access to credit through advanced AI-driven decision-making.
Nov 2022Series FInsight Partners (lead); TruStage Ventures (lead); Northgate Capital; Golden 1 Credit Union; Suncoast Credit Union; CU Direct; Hawaii Federal Credit Union; Curql$51M-Zest AI, a leader in AI-powered automated credit underwriting, raised over $50 million in a growth round announced on November 2, 2022, co-led by Insight Partners and CMFG Ventures (TruStage Ventures), with participation from CU Direct, Curql, Golden 1 Credit Union, Hawaii USA Federal Credit Union, Suncoast Credit Union, and Northgate Capital. The funding aims to expand access to AI-automated underwriting for lenders, enabling more accurate and inclusive lending decisions to foster economic opportunities. CEO Mike de Vere emphasized building a frictionless underwriting ecosystem to approve more loans efficiently. The company reported strong traction, on track to nearly double its customer base in 2022 after tripling it in 2021, and having built over 250 AI-underwriting models. Partners include major lenders like Citibank, First National Bank of Omaha, Truist, Golden 1 Credit Union, Suncoast Credit Union, and Hawaii USA Federal Credit Union, which use Zest AI to modernize lending operations. Subsequent rounds include a $200 million growth investment from Insight Partners in December 2024 and a customer-led oversubscribed strategic round in 2025 with SchoolsFirst Federal Credit Union, Members 1st Federal Credit Union, ORNL Federal Credit Union, Truliant Federal Credit Union, and Citi Ventures, marking a valuation increase from prior financings.
Jun 2021Undisclosed stageFirst National Bank Of Omaha (lead); VyStar Credit Union (lead); Northgate Capital; Curql$23M-Zest AI is a Los Angeles-based artificial intelligence technology-as-a-service company specializing in AI lending solutions for financial institutions. Founded in 2009, the company has developed an advanced platform that applies sophisticated algorithms to lending decisions, helping banks, credit unions, and specialty lenders streamline operations across marketing, underwriting, fraud detection, and lending intelligence. The platform manages over 5.6 trillion dollars in assets through more than 600 active models. Zest AI has built a substantial intellectual property portfolio with over 50 issued and pending patents focused on automation, accuracy, performance, and model explainability. The company raised funding in a Series F round on June 24, 2021, with participation from investors including Curql, First National Bank of Omaha, Northgate Capital, and VyStar Credit Union. By 2023, Zest AI had generated $38M in annual revenue, demonstrating traction in the competitive fintech lending sector. The company continued to scale through subsequent funding rounds, raising $50M in Series G (November 2022) and $200M in Series H (December 2024), reflecting sustained investor confidence in its AI-driven lending platform and market expansion capabilities.
Oct 2020Series EInsight Partners (lead)$15M$88MZest AI provides AI-based credit underwriting software that enhances accuracy, transparency, and fairness in lending decisions for banks and credit unions. The platform uses machine learning to deploy explainable models, reducing bias and increasing approval rates by an average of 20% while maintaining risk levels. Founded in 2009 and based in Los Angeles, Zest AI targets de-biasing the consumer lending industry. On October 20, 2020, Zest AI raised $15 million in a Series E funding round led by Insight Partners, with participation from Lightspeed Capital, Matrix Partners, and Upfront Ventures. The post-money valuation was $88.49 million. Funds were allocated to accelerate adoption of the Model Management System, drive innovation in algorithmic fairness, and expand customer success. Insight Managing Director Lonne Jaffe joined the board, with Jon Rosenbaum as a board observer. The investment supported Zest AI's mission to optimize creditworthiness assessments beyond outdated 1950s-era math, promoting economic inclusion. Prior to this round, Zest AI had raised additional capital in earlier rounds including Series D ($30M in 2016), Series C ($20M in 2013), and Series B ($5M in 2012).
Jul 2016Series DBaidu (lead)$10M$251MZest AI, formerly ZestFinance, develops machine learning-based credit underwriting technology to analyze complex data for accurate credit scoring. The company received a strategic investment from Baidu on July 18, 2016, as part of its Series D funding round totaling $31.37 million with a post-money valuation of $251.38 million. Baidu participated to leverage Zest AI's technology with its search, location, and payment data for improved credit decisions in China, where traditional credit systems are limited. Prior to this round, Zest AI had raised nearly $100 million, including a $20 million Series C in July 2013 and investments from JD.com. The Baidu partnership aimed to address credit access for unbanked populations in China using big data. Zest AI was founded by former Google executive Douglas Merrill.
Jul 2013Series CNorthgate Capital (lead); Matrix Partners; Lightspeed Venture Partners; Eastward Capital Partners; Kensington Capital Partners Limited$20M-Zest AI, originally founded as ZestFinance in 2009 by former Google CIO Douglas Merrill, develops machine learning-based underwriting and credit analysis software to improve credit risk assessment for lenders, including payday loan providers, by analyzing big data and running multiple models in parallel for faster, more accurate decisions. The company applies Google-style machine learning combined with traditional credit scoring to enhance loan approvals and reduce risk, such as better handling variables like bankruptcy filing limits. On July 31, 2013, ZestFinance raised $20 million in a Series C funding round led by Northgate Capital, with participation from Peter Thiel, Matrix Partners, Kensington Capital Partners, Eastward Capital Partners, and Lightspeed Venture Partners, bringing total funding to nearly $100 million at that point. The funds supported advancement of its data-driven underwriting platform amid efforts to legitimize high-risk lending through AI. Later rounds included a 2016 Series D of $30 million and much later growth funding like $50+ million in 2022 co-led by Insight Partners and CMFG Ventures at implied valuations around $277 million post-money. Zest AI has since expanded to serve major lenders like Citibank and Truist, building over 250 AI models.

Who has invested in Zest AI?

15 investors have backed Zest AI across its funding rounds, including Insight Partners, Northgate Capital, Curql, Lightspeed Venture Partners, Matrix Partners and Baidu.

Lead investors include Insight Partners, TruStage Ventures, First National Bank Of Omaha, VyStar Credit Union, Baidu and 1 other investor.


Zest AI Investors

Investors in Zest AI by funding rounds participated
InvestorHQRoundsRoleFirst check
Northgate CapitalUnited StatesSan Francisco, CA3LeadJul 2013
Insight PartnersUnited StatesNew York City, NY3LeadOct 2020
CurqlUnited StatesDes Moines, IA2ParticipantJun 2021
Golden 1 Credit UnionUnited StatesSacramento, CA1ParticipantNov 2022
TruStage VenturesUnited StatesMadison, WI1LeadNov 2022
Suncoast Credit UnionUnited StatesTampa, FL1ParticipantNov 2022
Matrix PartnersUnited StatesBoston, MA1ParticipantJul 2013
BaiduChinaBeijing1LeadJul 2016
First National Bank Of OmahaUnited StatesOmaha, NE1LeadJun 2021
CU DirectUnited StatesLos Angeles, CA1ParticipantNov 2022
Hawaii Federal Credit UnionUnited StatesHonolulu, HI1ParticipantNov 2022
Lightspeed Venture PartnersUnited StatesSan Francisco, CA1ParticipantJul 2013
Eastward Capital PartnersUnited StatesBoston, MA1ParticipantJul 2013

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Zest AI Competitors

Zest AI competitors include listed companies like CorVel and Ncino, and private ones like infiBond, Feedzai, Rogo and Vise.

Public and private companies comparable to Zest AI
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
CorVelUnited StatesUnited StatesPublicly listed$959M$175M$3.6B-
infiBondIsraelTel AvivPrivate--$1.3B-
FeedzaiPortugalCoimbraPrivate--$2B-
RogoUnited StatesNew York City, NYPrivate$53M-$2B-
ViseUnited StatesNew York City, NYPrivate--$1B-
NcinoUnited StatesUnited StatesPublicly listed$595M$65M$2.3B4.0x

Zest AI Public Comps

Zest AI is still privately-owned, but its public comps include Shenzhen Ysstech Info, Shenzhen Kingdom Sci-tech, eFinance, BigBear.ai, Fractal Analytics, Pagaya, Yusys Technologies, Porch Group, Donnelley Financial Solutions and ZoomInfo.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Shenzhen Ysstech Info$205M$4M7.2x-378.8x-
Shenzhen Kingdom Sci-tech$361M($15M)4.0x3.9x(96.0x)141.9x
eFinance$130M$67M11.8x-22.8x-
BigBear.ai$128M($295M)8.3x7.6x(3.6x)(27.8x)
Fractal Analytics$344M$50M3.7x3.4x25.8x21.0x
Pagaya$1.3B$33M1.1x1.0x42.6x3.2x
Yusys Technologies$540M$67M2.6x2.4x21.2x19.6x
Porch Group$510M$79M4.0x4.1x25.7x18.4x

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Common questions about Zest AI

When was Zest AI founded?Zest AI was founded in 2009.
Where is Zest AI headquartered?Zest AI is headquartered in Los Angeles, CA, United States.
Is Zest AI publicly listed?No, Zest AI is a private, VC-backed company.
What is Zest AI's valuation?Zest AI was last valued at $1.5B in its Series G in December 2024.
How much funding has Zest AI raised?Zest AI has raised $319M across 6 funding rounds.
What was Zest AI's last funding round?Zest AI's last funding round was a $200M Series G in December 2024, led by Insight Partners.
Who are Zest AI's investors?Zest AI's investors include Northgate Capital, Insight Partners, Curql, Golden 1 Credit Union, TruStage Ventures, Suncoast Credit Union, Matrix Partners, Baidu, First National Bank Of Omaha, CU Direct and 5 others.
What is Zest AI's revenue?Zest AI's latest recorded revenue is $38M (December 2024).
What is Zest AI's revenue multiple?Zest AI's latest valuation implies a 39.5x revenue multiple ($1.5B valuation on $38M of revenue).
Which companies are comparable to Zest AI?Companies comparable to Zest AI include CorVel, infiBond, Feedzai, Rogo, Vise and Ncino.

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