Blockchain technology enabler New Street Technologies (New Street) has bagged a $4 million funding during a follow-on round. The round saw participation from a gaggle of personal investors led by Vittal Kadapakkam within the US, prominent Indian bankers, and existing investors including Unitus Ventures and Mohit Davar, Chairman of International Association of cash Transfer Network (IAMTN). With operations in India, UAE and parts of Asia, New Street now plans to enter America , Europe, and Africa.
Sajeev Viswanathan, founder and CEO, New Street said Blockchain is to ‘processing’ what the web is to information. He said New Street has leveraged blockchain’s unique ability to democratize transaction processing and has already demonstrated its transformational impact within the BFSI (banking, financial services and insurance) sector. “The capital raised provides for accelerated development and access to the larger global markets,” said Viswanathan.
New Street said its flagship blockchain-based middleware – MiFiX, is amongst the world’s first commercially successful blockchain ecosystems for the BFSI sector. one MiFiX node during a bank can foster innovation across products including, trade finance, digital lending, cash management and remittances. In microfinance processing for instance , MiFiX has improved operating efficiency by over 500 per cent, across the worth chain. These range from bank to business correspondent to finish borrower, with none significant cost to our clients.
Mohit Davar of IAMTN said the corporate has made it easy for financial institutions, new and historic alike, to weave the technology seamlessly into their business models and enjoy its versatility, instantaneously. “My participation during this round is testimony to the huge global opportunity that exists for the corporate and my faith within the team to form it happen,” said Davar, who is additionally co-founder and non-executive director, New Street.
Another investor, Srikrishna Ramamoorthy, Partner at Unitus Ventures is of the view that blockchain technology in banking is just like the internet boom within the 90s. He said this technology explosion will transform the functioning of banks, especially with initiatives undertaken by the RBI (Reserve Bank of India), now several private and public banks are adopting the advantages of blockchain technology. “We have also seen how blockchain technology has contributed to the convenience of doing business by simplifying lending to micro, small and medium enterprises (MSMEs),” said Ramamoorthy.
Vittal Kadapakkam, a lively investor within the blockchain space said New Street’s interpretation of blockchain and their go-to-market strategy are unique Many Indian businesses are at the forefront of innovation and understand the worth of blockchain technology. New Street’s business model helps its clients adopt new-age technologies to enhance their processes and prospects exponentially without disruption and at minimal capital investment. The firm is making rapid inroads with banks, NBFCs, insurance companies, P2P lenders in India, Money Transfer Operators (MTOs) and banks overseas. The startup is additionally in conversations with multiple central banks to develop its blockchain technology ecosystems for the BFSI sector in their countries.
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