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Tuesday, Apr 23, 2024

Relocation to Burbank With Perks

ZestFinance is moving from Hollywood to Burbank to take a floor at a high-rise office building. The fintech company considered other options – including staying in Hollywood and moving to downtown Los Angeles – but went with Burbank because it would be the easiest for their employees’ commute. Additionally, said COO Mike de Vere, the building the company is relocating to has plenty of amenities. ZestFinance is moving to The Tower at 3900 W. Alameda Ave., a 32-story building with four levels of above-ground parking and a granite and marble lobby entry. It is within walking distance of restaurants and shops. “Everything we enjoy about being employees of Zest, we’ll be able to maintain all those same amenities at the Burbank location,” de Vere said. Services offered to the 100 employees include free manicures and pedicures twice a week, catered lunches, subsidized car washes and complementary passes to the gym on the Tower property. “Being a dog lover myself, the fact that we get to bring our dogs into work every day creates a nice, cool vibe within the space,” de Vere said. It’s important to offer these perks because ZestFinance competes with Google, Apple Inc. and Facebook Inc. for talent, he added. Other tenants in The Tower include co-working space operator We Work; digital content distributor Vubiquity; reality program producer 44 Blue Productions; Union Bank of California; and entertainment content producer STX Entertainment. ZestFinance develops machine learning-based software for use in determining the credit worthiness of loan applicants. It sells its software to banks, large credit unions and auto loan providers, de Vere said, adding “we are working with some of the largest mortgage companies in the U.S.” Better math is the secret equation behind what ZestFinance does. Most credit processes use 20 to 40 different variables at maximum to determine if an applicant is good risk or not. Zest, on the other hand, uses thousands of variables, de Vere said. “One of the models that I just reviewed last week had 2,300 signals in it,” he added. “Because of that, we are able to better rank risk and understand who should be lent to and who should not.” The company was founded by Douglas Merrill, former chief innovation officer at Google.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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