A fintech startup, OptaCredit, focused on catering to those without typical access to loans or credit has acquired a new line of credit from Delhi-based DMI Finance. The credit line is worth $4 million.

DMI Finance works as a credit partner and platform for business in a variety of sectors in the Indian market including corporate lending, housing finance, consumer finance and asset management.

OptaCredit works via non-traditional means to more effectively assess loan eligibility and use assigned OptaScores to extend loans to a wider market. As a result of a lending license, the fintech startup reports a portion of the loan assets it gives out, on its balance sheet as an influence on the company’s valuation.

OptaCredit was founded in August 2016 by S. Kumar Srivatsan, S. Kumar Srikanthan and Sriram Chandramouli.

“This strategic alliance with OptaCredit is in keeping with DMI’s objective of being a flexible, innovative and impactful lender in the area of personal loans,” a DMI Senior Management team member stated, as reported by Economic Times. “DMI’s technology-driven underwriting and strong balance sheet is a natural partner for OptaCredit.”

The funds from the newly obtained credit line will be put toward continued support and progress of the Chennai-based startup’s financial services. DMI Finance was founded in 2008 by Yuvraj Singh and Shivashish Chatterjee.

“DMI’s credit line is another indication of the comfort that financial institutions have on our underwriting processes and credit practices,” Srivatsan said.

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