Loan service ZestCash has raised $19 million in funding to expand its short-term loans and debt financing. The funding comes from Lightspeed Venture Partners, GRP Partners, Flybridge Capital Partners and Lighthouse Capital Partners. GigaOM reports that Lighthouse’s contribution of $8 million is specifically for debt financing. ZestCash’s loans are data-driven; they offer loans to those whose online data says they’re credit worthy.
ZestCash is led by Douglas Merrill, former CIO at Google, and the company’s credit assessments are compared to Google’s PageRank technology.
Good concept. It is timely for the economy we are in right now.
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Credit card companies in some countries have been accused by consumer organisations of lending at usurious interest rates and making money out of frivolous "extra charges".[