We’ve previously alerted you here at PaydayLoanIndustryBlog about the pivot ZestFinance made from direct lending to licensing its “Big Data” technology to Lenders.
ZestFinance CEO Douglas Merrill says, “Their underwriting technology implemented in the small dollar loan space enables Spotloan – owned by the Turtle Mountain Band of Chippewa Indians in Belcourt, North Dakota – to charge 50% of the rates charged borrowers by traditional payday loan lenders.”
The ZestFinance team has some heavy-hitters. Theil was with Paypal. COO shawn Budde was with Capital One. So far, they’ve raised $55 million.\
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