Former Google CIO Raises $73 Million To Reform Payday Loans With Data-Driven ...
Leena Rao currently works as a writer for TechCrunch. She recently finished graduate school at the Medill School of Journalism at Northwestern University, where she studied business journalism and videography. From 2004 to 2007, she helped lead Congresswoman Carloyn Maloney’s community outreach and relations efforts in New York City. She graduated from Columbia University in 2003, where she was... → Learn More
ZestCash, a company founded by former Google CIO and VP of engineering Douglas Merrill to legitimize the payday loan industry, has raised $73 million round of funding. The company raised $23 million in an equity round led by Matrix Partners. Existing investors Lightspeed Venture Partners, GRP Partners, Flybridge Capital Partners, and Lighthouse Capital Partners also fully participated in the round. The company also raised a separate $50 million line of debt financing from Victory Park Capital to fund its loan portfolio.
ZestCash takes an entirely different approach to underwriting by combining Google-style machine learning techniques and data analysis, combined with traditional credit scoring. As a result, the company can offer credit to many people who historically would have been turned away.
Payday loans are common amongst consumers who don’t have the credit to take out a standard loan through a bank. Payday loans shops allow users to pay a fee to borrow a certain amount of money. For example, a consumer will on average pay $60 to borrow $300 for 14 days. After 2 weeks, the borrower must pay the entire loan and fee back in one payment. If the borrower cannot pay the loan back, then he or she can get an extension but will need to pay another $60 for the additional time.
ZestCash says that the average payday loan gets rolled over 6 times, which means the average borrower pays $420 in fees to borrow $300 in principal. In 2010, 30 million Americans took out a payday loan. ZestCash basically offers a better alternative for those who are forced to take out these immediate loans. With ZestCash, borrowers pick how much money they want to borrow and for how long. As they pick their loan terms, the company clearly displays their weekly payment, allowing users to adjust the terms to arrive at a payment that is manageable for them. Instead of paying the money back in one big balloon payment, borrowers can pay back their loans in small chunks over time.
payday loans idaho - News
ZestCash, a company founded by former Google CIO and VP of engineering Douglas Merrill to legitimize the payday loan industry, has raised $73 million round of funding. The company raised $23 million in an equity round led by Matrix Partners.
One bill would increase regulations, and transparency on businesses that provide pay-day loans. Another is focused on being more careful with young athletes who suffer concussions. "It will have a big benefit. Our surrounding states have, I would say,
ZestCash offers loans to borrowers that it finds reliable, but who would otherwise not quality for a bank loan. These borrowers often wind up at controversial payday lenders, where they find themselves subject to large interest rates and fees,
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