Bangalore-based New Street Technologies, which builds and operates blockchain-enabled platforms for financial institutions, has raised $2 million in seed round of funding led by Unitus Ventures (formerly known as Unitus Seed Fund), an impact venture fund, reported several media outlets.
Other investors who also contributed 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 startup will use the fresh capital to expand its business and expand its footprints in India and other regions including middle east and South East Asia.
Founded in 2017, by former Citigroup executive Sajeev Viswanathan along with Mohit Davar, chairman of the International Association of Money Transfer Networks, New Street Technologies connects stakeholders in the financial services industry through a blockchain network.
"We have started the product in partnership with a bank in Nepal, but we are in conversations with UNCDP (United Nations Capital Development Fund), which wants to take our lending based on remittance product to other remittance corridors as well,” said Vishwanathan.
Earlier this month, Gurgaon-based blockchain startup Insino Ventures raised an undisclosed amount of angle funding from a pool of HNIs.
Last month, Zebi, a leading Hyderabad-based blockchain company, had acquired Element42, a Bangalore based blockchain start-up, to bolster the strength of its in-house blockchain engineering talent while adding new products and customers.