A lending-focused startup based in Chennai, OptaCredit Fintech Pvt. Ltd., is in talks to raise a new investment round worth between $8 million and $10 million.

The company provides an online platform which potential borrowers can use to apply for loans. The company then uses artificial intelligence-based technology and other methods to assign the borrower and ‘optascore,’ which is used to determine the loan.

The company which provides loans to employees who receive salaries, was founded by S. Kumar Srivatsan and Sriram Chandramouli. According to Srivastan, the new funding, if raised would come from new investors to the company.

“We have a niche: laser sharp focus on a segment where no one else operates—uncategorized employees,” Srivatsan said, as reported by Livemint. “The data we are generating is a complete white space and we are running algorithms on it. It’s straining quickly and our machine learning capabilities are going to redefine how we look into the segment.”

The Series A round, which is still being discussed, would be put toward the company’s services, development of its technology base as well as geographical expansion plans. Since its founding in 2014, OptaCredit has raised a total of $4 million.

Advay Capital Advisors is advising the startup in this current round.

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