CredRight is a data-driven lending platform that utilizes advanced analytics to assess creditworthiness for micro and small businesses, enabling them to access necessary funding. By streamlining the loan application process, CredRight addresses the challenge of limited credit options for underserved enterprises, facilitating their growth and sustainability.
Funding
$17M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Micro and small businesses often face challenges in accessing adequate funding due to limited credit history and lack of collateral, hindering their growth and sustainability. Traditional lending institutions often struggle to accurately assess the creditworthiness of these enterprises, leading to high rejection rates and unmet financial needs.
Solution
CredRight is a data-driven lending platform that leverages alternative data sources, such as chit fund participation, to evaluate the creditworthiness of micro and small businesses. By partnering with registered chit funds, CredRight gains access to previously untapped data on MSME subscribers, including their payment history and financial behavior. This information, combined with a proprietary machine-learning-based credit algorithm, enables CredRight to build a more comprehensive picture of an applicant's cash flows, ability to repay, and willingness to repay. The platform's end-to-end digital process allows for quick loan approvals and disbursal, providing underserved enterprises with timely access to necessary funding.
Target Audience
CredRight primarily targets underserved micro, small, and medium enterprises (MSMEs) seeking access to unsecured loans for business growth and sustainability.
Features
- Proprietary machine-learning-based credit algorithm for assessing creditworthiness
- Partnership with registered chit funds to access alternative data sources
- End-to-end digital loan application and approval process
- Loan disbursal within three business days
- Credit history verification using chit fund payment data