Bangalore: Fintech startup ZestMoney, one of India’s largest 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.
With 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.
“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 serve these customers,” said Lizzie Chapman, Co-Founder and CEO.
“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,” said Ashish Anantharaman, Co-Founder and CTO, ZestMoney.
Bangalore based PhotographAI was founded in 2017 by IIT Delhi alumnus, Mikhil Raj and Karan Varshney. The young 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 minimise the costs. The company had raised funding from venture capital firms Orios Venture Partners and IndiaQuotient.
“It’s an important milestone for PhotographAI team. Our focus has always been to build next generation products for the future and our product line is a proof of the same. We are very happy to accelerate and scale up our impact journey with Zestmoney, given their wide consumer base and zeal to solve the affordability problem in India,” said Mikhil Raj, Founder – PhotographAI.