New Street Technologies Pvt Ltd, which operates and builds blockchain enabled platforms for the institutional clients in the financial services has now secured $2 Million in the funding round of seed led by the Unitus Ventures.
The Bangalore based tech company said that some other investors who participated in the round included the Mohit Davar, the chairman of the trade body International Association of Money Transfer Networks and some other angel investors.
The company said that it would use the fresh capital to expand its business to other geographies location as well.
“This round of funding will help us expand our footprint in India and the Middle East while also opening up other markets like Southeast Asia,” said Sajeev Viswanathan, founder, and chief executive officer of New Street Technologies.
The company which is founded by the Vishwanathan in the year 2017. He previously worked with the Citibank group for around 18 years. He was also the director of the Earthport PLC, which is a listed payment company based out of London.
The company claims to bring together, business correspondents, banks and cash outlets to manage and originate credit through integration with existing processes and systems.
The company claims to deliver the credit card on behalf of its clients to thousands of their customers, five times much faster than the fastest available alternative with the quick integration with the existing systems.
“Our platform takes only 6-8 weeks to integrate with a client’s platform,” said Viswanathan.
New Street technologies Pvt Ltd, got their first funding from the Unitus Ventures of around Rs 100 crore.