Baidu, a search engine which has around 80% marketshare, will use ZestFinance’s technology to develop a credit scoring platform based on its search data, techcrunch.com reports. ZestFinance uses machine learning and big data to transform information into measurements and signals for credit scoring.
It has raised nearly USD 100 million from investors, with its most recent raise a USD 20 million Series C round in July 2013. JD.com also put money in as part of its strategic partnership in 2015 summer.
Baidu stepped into the banking ring via a partnership with brick-and-mortar bank CITIC. ZestFinance previously partnered with JD.com, to power the credit service run by its financial arm, which is valued at more than USD 1 billion. Baidu took part in a USD 60 million round for payments firm Circle in June 2016.
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