Bengaluru, March 25, 2019: Bengaluru-based technology company New Street Technologies has raised a USD 2 million investment led by Unitus Ventures & Other investors including Mohit Davar, Chairman, International Association of Money Transfer Networks etc.
Founded in August 2017, New Street Technologies builds and operates blockchain enabled platforms for institutional clients. The company’s flagship platform – MIFIX brings together, banks, business correspondents and cash outlets to efficiently originate and manage credit through easy integration with existing systems and processes.
MIFIX has a wide range of customers such as banks, non-banking financial corporations, and money transfer operators / networks in India and overseas. It is estimated that the market for small loans in India alone is over $150 billion but only 15% of that is addressed formally, making this a huge market for New Street and its clients to tap into.
Commenting on the investment Sajeev Viswanathan, Founder and CEO of New Street Technologies said, “This round of funding led by very valuable investors like Unitus will help us expand our footprint in India and the Middle-East while also opening up other markets like South-east Asia”.
“We’re always looking to back exceptional founding teams with ideas that have the potential to disrupt the way financial services is delivered to the masses and New Street Technologies fits that bill very well,” said Srikrishna Ramamoorthy, Partner, Unitus Ventures. This is the funds’ fourth fintech investment from its second fund.
MIFIX leverages the distributed ledger principles of blockchain technology and has successfully managed to deliver credit on behalf of its clients to thousands of their customers, five times faster than the fastest available alternative, through a quick and painless integration with existing systems. “Our platform takes only 6-8 weeks to integrate with a client’s platform,” said Viswanathan.
As a MIFIX participant puts it “MIFIX is a revolutionary ecosystem that makes loan processes super-efficient from a process, risk, cost and borrower experience perspective”.
“New Street’s blockchain enabled ecosystem is a disruptor in the financial services industry, and this successful approach has the potential to be replicated across a wider array of industries,” said Mohit Davar.
Commenting on the deployment of funds Viswanathan added, “New Street has also seeded blockchain enabled ecosystems in other industry sectors and this investment will help us accelerate the deployment of the same.”