ZestCash Raises $19 Million to Provide Short-Term Loans
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.