Fintech CredRight expands to provide loans for SMEs

By tapping the huge database and strength of the chit fund sector, Hyderabad-based CredRight is expanding rapidly in extending loans to the small and medium enterprises.

Claimed to be one of the first fintech start-up’s focused on chit fund sector, CredRight raised 9 crore from Accion Venture Lab, a seed-stage investor and YourNest, an early stage venture capital fund and a few angel investors in mid-2018.

Neeraj Bansal, co-founder and CEO, said that CredRight is a data-driven lending platform. “We are partnering with chit funds and use a reverse auction to distribute pooled funds — across India to acquire customers and to underwrite a loan for a customer.”

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