Fintech startup CredRight has raised $2.7 million in a round drove by 9Unicorns, Spearhead Capital and Venture Catalyst. Existing investors YourNest, Accion Venture Labs and other angels have also joined the round.

According to the Hyderabad-based startup, the assets will be utilized to increase the managed loan book, expand the team measure and invest in tech platforms and analytics.

Driven by Neeraj Bansal, CredRight is a data-driven lending platform that facilitates credit to small businesses and MSMEs via NBFCs and Banks. It has fabricated a tech-based distribution model to reach out to India’s 10 million Registered chit supporters that are largely located in level II and level III urban communities.

The startup claims to have dispensed over Rs 50 crore worth of loans to more than 1,000 customers,The platform utilizes a proprietary credit-modeling algorithm that leverages chit data to assemble target credit profiles.