Business

August 09, 2018

ZestMoney buys AI firm PhotographAI


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On August 1, Bengaluru-based ZestMoney said that it acquired AI-based intelligence platform, PhotographAI. The companies did not disclose the details of the deal. However, the company, for which it is its first acquisition, said that it will be hiring the entire PhotographAI team and gives them ESOPs.

Chalk Farm Ventures Pvt. Ltd, which is also based in Bengaluru and operates ZestMoney, said that the acquisition will strengthen its capabilities in visual Artificial Intelligence (AI) and Optical Character Recognition (OCR).

It further said that the acquisition will eventually beef up its automated credit assessment capabilities as well as automated and paperless credit products.

“We are seeing increasingly high levels of demand from consumers in Tier 1 and beyond – customers traditionally under-served by banks and credit cards,” said Lizzie Chapman, Co-Founder and Chief Executive of ZestMoney. “Having a completely digital application process and underwriting process is now critical to serve these customers,” she added.

Ashish Anantharaman, Co-Founder and CTO, ZestMoney, marked that 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.”

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