Attributes 368% Revenue Growth to Innovation in AI Lending Technology
LOS ANGELES, Nov. 21, 2024 /PRNewswire/ -- Zest AI, the leader in AI lending technology, 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%.
About the 2024 Deloitte Technology Fast 500
Now in its 30th year, the Deloitte Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies -- both public and private -- in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2020 to 2023.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company's operating revenues. Companies must have base-year operating revenues of at least $50,000, and current-year operating revenues of at least US$5 million. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.
About Zest AI
Zest AI is a tech company on a mission to broaden access to equitable lending. Since 2009, we've worked with financial institutions to use AI lending technology to better serve their borrowers. Today, we work with all types of lenders as a catalyst for economic equity by helping them leverage AI's potential for good. Most recently we were named to the Forbes Fintech 50. Learn more at Zest AI and connect with us on LinkedIn.
About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world's most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte's approximately 460,000 people worldwide connect for impact at www.deloitte.com.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.
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SOURCE Zest AI