Bengaluru-based startup ZestMoney on Thursday said it has acquired artificial intelligence platform PhotographAI to boost its current technology and achieve deeper access to consumer credit. The transaction amount and the terms of the deal were not disclosed by the company. ZestMoney, with the PhotographAI acquisition, aims to strengthen its technology in AI, visual AI and optical character recognition. It also claims to provide the most advanced automated credit assessment service in the future.
“We are seeing increasingly high levels of demand from consumers in Tier 1 and beyond—customers traditionally underserved 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 chief executive officer at ZestMoney, owned by Camden Town Technologies Pvt. Ltd.